American Safety Expands Bermuda Alternative Risk Solutions

October 29, 2007

American Safety Insurance Holdings, Ltd. (ASI) announced from its Bermuda office that it has appointed Guy Cloutier to the position of Senior Vice President of Alternative Risk Solutions and Chief Actuary of American Safety Reinsurance, Ltd. in a move to expand its alternative risk transfer (ART) capabilities.

“Guy will be responsible for further developing our third-party assumed reinsurance business and alternative risk products” explained President and CEO Stephen R. Crim. “He brings a wealth of experience to the Company and will be instrumental in the continued growth of our Bermuda business segment according to our strategic plan.”

ASI said its “Bermuda alternative risk strategy will focus on structured reinsurance solutions as a compliment to fronting capabilities through its U.S. insurance company subsidiaries. Cloutier comments that the Company is well positioned to “provide small niche carriers and risk retention groups with the reinsurance solutions they need to grow in the current market conditions.”

Cloutier has more than 30 years of experience as a senior executive and actuary in the insurance industry with the last seven in the Bermuda market. He joins ASI from his position as the Principal and Founder of Ordinance Holdings, Ltd., a Bermuda-based reinsurance brokerage and actuarial consulting firm formed in 2003, specializing in risk analysis and the structuring of reinsurance in the Bermuda market. He was previously Chief Actuary of Imagine Group Holdings, Ltd., and founder and CEO of Canada Direct Insurance, Inc.

Ordinance Holdings Ltd. is now owned by American Safety and will continue to operate as an actuarial consulting firm and reinsurance brokerage company. “Ordinance’s capabilities will be expanded to both take advantage of the growth in the alternative risk market in Bermuda and support ASI’s alternative risk and reinsurance strategies,” the bulletin concluded.

Source: American Safety –

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