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21st Century Q1 Revenues Marginally Up To $15.7m

IBR Staff Writer Published 18 May 2010

21st Century Holding Company has reported total revenues of $15.7m for the first quarter of 2010, an increase of 0.64% compared to $15.6m for the same quarter in 2009.

Gross premiums written for the first quarter were $27.02m compared to $28.4m while net premiums written were $26.1m compared to $28.1m for the same period last year.

The company posted net premiums earned of $11.01m for the first quarter of 2010, an increase of % compared to $13.9m for the same quarter in 2009.

For the quarter ended March 31, 2010, the company reported a net loss of $0.9m, or $0.12 per share, compared to net income of $0.3m, or $0.04 per share for the same period last year.

Michael Braun, CEO and president of 21st Century, said: “As expected, our first quarter results show a decrease from the same period of 2009 primarily because of higher reinsurance costs, which is by far our largest expense and the continued effect of the mitigation credits.

However, our results improved significantly over the fourth quarter of 2009 due to a number of favorable trends including that it was the first full quarter to benefit from the 19% rate increase which has been in effect since last November on our voluntary business.