Exhibit 11

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


                                             March 31,      March 31,
                                                1997          1998
                                           -------------  ------------
                                             
Basic:                                     
Earnings Available to Common               
Shareholders............................     $  862,295     $1,023,737
                                           =============  =============
Weighted Average Common Shares             
Outstanding.............................      2,872,830      4,429,730
                                           
Basic Earnings per Common Share.........     $      .30     $      .23
                                           =============  =============
Diluted:                                   
Earnings Available to Common               
Shareholders............................     $  862,295     $1,023,733
                                           =============  =============
                                           
Weighted Average Common Shares             
Outstanding.............................      2,872,830      4,429,730
                                           
Weighted Average Common Share              
Equivalents Associated with Options:....         91,101         80,725
                                           
Total Weighted Average Common                 
Shares..................................      2,963,931      4,510,455
                                           =============  =============
Diluted Earnings per Common Share.......     $      .29     $      .23
                                           =============  =============