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DAYTONA BEACH, FL-While the economy is heading south, luxury condominium sales are streaking northward at Harbour Village Golf & Yacht Club, a planned 808-unit community and marina in Ponce Inlet, FL, a Daytona Beach suburb on the Intracoastal Waterway, 50 miles north of Downtown Orlando.

The developer, American Safety Insurance Group of Hamilton, Bermuda is closing on $100 million of pre-sold units in the first 294-unit phase which includes 248 mid-rise condo units and 46 courtyard homes.

The sales include an undisclosed number of boat slips. The condos are selling for an average $300,000 per unit.

The developer received a Volusia County certificate of occupancy this week for the first building, a four-story, 32-unit structure which is sold out. Presales on the second, 376-unit phase are under way. The project is expected to be completed in three to five years.

American Safety Insurance Group was trading today on the New York Stock Exchange at $8.93 per share, unchanged from yesterday. The stock’s 52-week high-low is $10.35 and $3.25. The stock’s price/earnings ratio is 19.41. The company has 4.8 million shares outstanding and a market capitalization of $42.86 million.

American Safety is a specialty insurance and financial services holding company that is directly involved with the payment of claims from the Sept. 11 terrorist attacks in New York, Washington, DC and Pennsylvania.

In a prepared statement today, Lloyd A. Fox, the company’s president/CEO, assures stockholders that “based on a preliminary analysis of its exposure, American Safety believes the financial effect of the claims, both on a gross basis and net of reinsurance, and other related losses of the company should be minimal, and should not have an impact on the financial strength of the company or its operations.”

Fox says, “Although certain of the company’s reinsurers have announced that they will incur liability as a result of the terrorist attacks, no material adverse impact on the company’s ability to collect reinsurance recoverables from its reinsurers on various lines of insurance business is anticipated at this time.”

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