Boston, MA 06/04/2013 (wallstreetpr) – The share prices of American Safety Insurance Holdings Ltd. (NYSE:ASI) had surged to $28.91 per share, which was observed to be 20.66 percent gain over the previous closing price on Friday. This surge in share prices of the company is attributed to the announcement of its acquisition by Fairfax Financial Holdings Ltd. The shares of American Safety Insurance Holdings Ltd. (NYSE:ASI) had been trading in the range of $28.89 to $28.99 per share during the day. With the surge in prices, the shares of the company had hit new 52 week high price level at $28.99 per share and the 52 week low price level of the company is at $15.75 per share.
Acquisition deal
The Toronto based Fairfax Financial Holdings Ltd. had agreed to acquire American Safety Insurance Holdings Ltd. (NYSE:ASI) for around $306 million and the shareholders would thereby receive $29.25 per share which was observed to be 22 percent premium on the closing price of the company on Friday. The deal, which is expected to be closed by the fourth quarter of this fiscal year had been unanimously approved by the board of directors.
American Safety Insurance Holdings Ltd. (NYSE:ASI) is engaged in specialty insurance and reinsurance underwriting and thereby operates in two major business segments. While the specialty insurance services of the company are provided in the domestic markets of United States, American Safety Insurance Holdings Ltd. (NYSE:ASI) had extended its reinsurance underwriting services to international markets. The three speciality divisions of the company are excess and surplus lines, alternative risk transfer and assumed reinsurance.
