Allcity Insurance Company Announces 1st Half Results

Allcity Insurance Company, a division of New York’s Empire Group, which is currently in runoff, reported a net loss of $1,620,000 or $0.23 per share for the six months ended June 30, 2003 compared to a net loss of $1,979,000 or $0.28 per share for the comparable 2002 period.

“Net earned premium revenues of the Company were $335,000 and $3,054,000 for the six month periods ended June 30, 2003 and 2002, respectively,” said the announcement. “The premium revenues “reflect the various previously announced actions taken by the Empire Group (which includes the Company and Empire Insurance Company, the Company’s parent) since 2000 to exit the insurance business, and a reduction to premium revenues to recognize retrospective reinsurance premiums of $415,000 and $228,000 for the six month periods ended June 30, 2003 and 2002, respectively.”

Allcity said its “pre-tax losses were net increases for loss and loss adjustment expenses for prior accident years of $616,000 and $700,000 for the six month periods ended June 30, 2003 and 2002, respectively.”