The OHIC Insurance Co. posted a profit of more than $5 million in 2004, representing a financial turnaround of more than $29 million from 2003 when it lost more than $24 million.
OHIC also raised its surplus to $63 million in 2004, an increase of 20 percent over the $52.6 million it held in 2003. Total assets rose to $322 million last year, up from $320 in 2003, and total direct premiums written in 2004 were $93.8 million, near the company goal of $95 million.
It was the first time in three years that OHIC has posted positive numbers. The turnaround comes at a time when many medical malpractice carriers are struggling in a hostile environment of increasingly high awards and settlements.