American Safety Insurance Holdings (UNKNOWN:ASI.DL) may be for sale.

On Wednesday, the Bermuda-based reinsurer revealed that its board of directors has been reviewing "strategic alternatives" the company might take, and those alternatives might include "a potential sale of the Company."

ASIH further advised Wednesday that it has retained Bank of America investment banking arm Merrill Lynch to advise it on its options -- and left it at that. Until ASIH makes a decision on its future, the company says it "does not intend to make any further statements regarding this process."

ASIH issued its fiscal Q4 and full-year earnings release last week, reporting a $1.14-per-share profit for the year, but a $0.06-per-share loss for the quarter. At the time, CEO Stephen R. Crim pronounced the results "disappointing for ASI."

Shares of the company gained 1.2% in Wednesday trading, closing at $23.97.