Edgar Filing: Cloutier Guy

Ownership Submission

FORM 3

UNITED STATES SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
INITIAL STATEMENT OF BENEFICIAL OWNERSHIP OF SECURITIES

Filed pursuant to Section 16(a) of the Securities Exchange Act of 1934, Section 17(a) of the Public Utility Holding Company Act of 1935 or Section 30(h) of the Investment Company Act of 1940

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(Print or Type Responses)

1. Name and Address of Reporting Person ^*

Â Cloutier Guy

2. Date of Event Requiring Statement (Month/Day/Year)
03/18/2010

3. Issuer Name and Ticker or Trading Symbol
AMERICAN SAFETY INSURANCE HOLDINGS LTD [ASI]

(Last)

(First)

(Middle)

44 CHURCH STREET,Â P.O. BOX HM2064

4. Relationship of Reporting Person(s) to Issuer
(Check all applicable)

_____ Director	_____ 10% Owner
__X__ Officer (give title below)	_____ Other (specify below)
Chief Actuary

5. If Amendment, Date Original Filed(Month/Day/Year)

(Street)

HAMILTON,Â D0Â HM 11

6. Individual or Joint/Group Filing(Check Applicable Line)
_X_ Form filed by One Reporting Person
___ Form filed by More than One Reporting Person

(City)

(State)

(Zip)

Table I - Non-Derivative Securities Beneficially Owned

1.Title of Security (Instr. 4)	2. Amount of Securities Beneficially Owned (Instr. 4)	3. Ownership Form: Direct (D) or Indirect (I) (Instr. 5)	4. Nature of Indirect Beneficial Ownership (Instr. 5)
Common Stock	1,950 ⁽¹⁾	D	Â
Common Stock	6,181 ⁽²⁾	D	Â
Common Stock	4,098 ⁽³⁾	D	Â
Common Stock	40,000 ⁽⁴⁾	D	Â

Reminder: Report on a separate line for each class of securities beneficially owned directly or indirectly.			SEC 1473 (7-02)
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Table II - Derivative Securities Beneficially Owned (e.g., puts, calls, warrants, options, convertible securities)

1. Title of Derivative Security (Instr. 4)	2. Date Exercisable and Expiration Date (Month/Day/Year)		3. Title and Amount of Securities Underlying Derivative Security (Instr. 4)		4. Conversion or Exercise Price of Derivative Security	5. Ownership Form of Derivative Security: Direct (D) or Indirect (I) (Instr. 5)	6. Nature of Indirect Beneficial Ownership (Instr. 5)
1. Title of Derivative Security (Instr. 4)	Date Exercisable	Expiration Date	Title	Amount or Number of Shares	4. Conversion or Exercise Price of Derivative Security		6. Nature of Indirect Beneficial Ownership (Instr. 5)
Stock Option (Right To Buy)	03/17/2012⁽⁵⁾	03/17/2017	Common Stock	5,000 ⁽⁵⁾	$ 19.55	D	Â
Stock Option (Right To Buy)	03/01/2009⁽⁶⁾	03/01/2018	Common Stock	2,500 ⁽⁶⁾	$ 17.95	D	Â
Stock option (Right To Buy)	03/09/2010⁽⁶⁾	03/09/2019	Common Stock	16,862 ⁽⁶⁾	$ 9.1	D	Â
Stock Option (Right To Buy)	03/05/2011⁽⁶⁾	03/05/2020	Common Stock	10,941 ⁽⁶⁾	$ 14.34	D	Â

Reporting Owners

Reporting Owner Name / Address	Relationships
Reporting Owner Name / Address	Director	10% Owner	Officer	Other
Cloutier Guy 44 CHURCH STREET P.O. BOX HM2064 HAMILTON,Â D0Â HM 11	Â	Â	Â Chief Actuary	Â

Signatures

Guy Cloutier		03/18/2010
^**Signature of Reporting Person		Date

Explanation of Responses:

*	If the form is filed by more than one reporting person, see Instruction 5(b)(v).
**	Intentional misstatements or omissions of facts constitute Federal Criminal Violations. See 18 U.S.C. 1001 and 15 U.S.C. 78ff(a).
(1)	Restricted stock award granted on 03/04/2008 to vest over three years (25%/25%/50%).
(2)	Restricted stock award granted on 03/11/2009 to vest over three years (25%/25%/50%).
(3)	Restricted stock award granted on 03/05/2010 to vest over three years (25%/25%/50%).
(4)	Restricted stock award granted on 03/05/2010 to cliff vest on 03/05/2015.
(5)	Options awarded pursuant to the Company's 2007 Incentive Stock Option Plan. These options have a three-year vesting schedule, pursuant to which the shares underlying the options shall cliff vest on the 5th anniversary of the date of grant. The date shown is the date the first vested number of shares becomes/became exercisable.
(6)	Options awarded pursuant to the Company's 2007 Incentive Stock Option Plan. These options have a three-year vesting schedule, pursuant to which the shares underlying the options shall vest in one-third increments commencing one year after the date of grant. The date shown is the date the first vested number of shares becomes/became exercisable.

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