Exhibit 11

                          American Safety Insurance Group, Ltd. and Subsidiaries
                                               Computation of Earnings Per Share





                                                            Three Months Ended              Nine Months Ended
                                                         Sept. 30,      Sept. 30,       Sept. 30,       Sept. 30,
                                                           1997           1998            1997            1998
                                                           ----           ----            ----            ----
                                                                                            

Basic:
Earnings Available to Common
Shareholders..........................................    $655,769     $1,598,183     $ 2,222,291       $4,203,743
                                                          ========     ==========     ==========        ==========

Weighted Average Common Shares
Outstanding...........................................   2,872,830      6,074,770       2,872,830        5,522,497
Basic Earnings per Common Share.......................        $.23           $.26            $.77             $.76
                                                              ====           ====            ====             ====

Diluted:
Earnings Available to Common
Shareholders..........................................    $655,769   $1,598,183        $2,222,291       $4,203,743
                                                          ========     ==========      ==========       ==========

Weighted Average Common Shares
Outstanding...........................................   2,872,830      6,074,770       2,872,830        5,522,497

Weighted Average Common Share
Equivalents Associated with Options...................     101,303         44,319         101,303           84,960

Total Weighted Average Common
Shares................................................   2,974,133      6,119,089       2,974,133        5,607,457
                                                         =========      =========       =========        =========

Diluted Earnings per Common Share.....................        $.22           $.26            $.75             $.75
                                                              ====           ====            ====             ====