-19-


                                   Exhibit 11

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




                                                                Three Months Ended                              Nine Months Ended
                                               September 30,           September 30,           September 30,          September 30,
                                                    1998                    1999                    1998                   1999
                                                   ------                  ------                  ------                 -----
Basic:
Earnings Available to Common
                                                                                                             
Shareholders..............................        $1,598,183              $1,359,263              $4,203,743             $4,519,838
                                                  ==========              ==========              ==========             ==========

Weighted Average Common Shares
Outstanding...............................         6,074,770               6,009,208               5,522,497              6,050,059

Basic Earnings Per Common
Shares ...................................        $      .26              $      .23              $      .76             $      .75
                                                  ==========              ==========              ==========             ==========

Diluted:
Earnings Available to Common
Shareholders..............................        $1,598,183              $1,359,263              $4,203,743             $4,519,838
                                                  ==========              ==========              ==========             ==========

Weighted Average Common Shares
Outstanding...............................         6,074,770               6,009,208               5,522,497              6,050,059

Weighted Average Common Shares
Equivalents Associated with
Options...................................            44,319                  18,459                  84,960                 27,641

Total Weighted Average Common
Shares....................................         6,119,089               6,027,667               5,607,457              6,077,700
                                                   =========               =========               =========              =========

Diluted Earnings per Common
Shares....................................        $      .26              $      .23              $      .75             $      .74
                                                  ==========              ==========              ==========             ==========