ProCentury Nets 23 Cents Per Share

Columbus, Ohio-based specialty property/casualty insurer ProCentury Corp. reported net income of 23 cents per diluted share for the first quarter. The firm also reported gross premiums written of $47.6 million, an 11.2 percent increase from the first quarter of 2004. Premiums earned was $41.5 million, a 29.5 percent increase from this time last year.

ProCentury’s net income for the first quarter of 2005 was $3.1 million, compared to net income of $2.9 million on a historical basis and $2.7 million per diluted share on a pro forma basis for the first quarter of 2004.
Net income for the first quarter of 2005 includes $793,000 ($515,000 net of taxes) in expenses related to the previously announced separation agreement with ProCentury’s former chief operating officer.

The combined ratio was 95.9 percent for the first quarter of 2005 compared to 92.3 percent on a historical basis and 93.2 percent on a pro forma basis for the first quarter of 2004. The loss ratio was 62.0 percent for the first quarter of 2005 and the expense ratio was 33.9 percent. This compares with a loss ratio of 59.0 percent and expense ratio of 33.3 percent on a historical basis and a loss ratio of 59.0 percent and expense ratio of 34.2 percent on a pro forma basis for the first quarter of 2004.