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SeaBright Q4 Revenue Down 8.4% To $69.6m

IBR Staff Writer Published 02 March 2010

SeaBright Insurance Holdings has reported revenue of $69.6m for the fourth quarter of 2009, a decrease of 8.4% compared to $75.9m for the same period last year.

The company’s net premiums earned for the quarter were $62m, a decrease of 8.3% compared to $67.6m for the same period last year. Gross premiums written increased to $80.36m for the quarter compared to 78.8m a year ago. Net premiums written for the quarter decreased to $73.02m from $75.26m.

For the fourth quarter ended December 31, 2009, the company posted net loss of $1.4m, or $0.07 per diluted share, compared to net income of $10.2m, or $0.48 per diluted share for the same period last year.

The company's underwriting expenses for the fourth quarter 2009 were $19m compared to $20.5m for the same period last year, and the net underwriting expense ratio was 30.6% compared to 30.2%.

For the full year 2009, the company has reported revenue of $276.5m, an increase of 3.4% compared to $267.3m in 2008. Net premiums earned were $244.4m compared to $248.6m. Net income was $13.5m, or $0.63 per share compared to $29.3m, or $1.38 per share in 2008.

John Pasqualetto, chairman, president and CEO of SeaBright, said: “During the fourth quarter, we strengthened our reserves by $8.5m for the prior accident years, primarily to reflect our experience in California and Illinois. Although this prudent action negatively impacted our fourth quarter profit, it demonstrates our continued commitment to disciplined balance sheet integrity.

“We enter 2010 with a strong balance sheet and a historical high level of capitalization and liquidity. We are well positioned, and in the long run, expect to benefit directly from a recovering economy and improved profit potential as the prolonged soft market takes its toll on weaker competitors.”