Chicago-based Specialty Underwriters’ Alliance, Inc. today aannounced financial results for the 2nd quarter ending June 30, 2008.
– Net income for the second quarter of 2008 was $2.3 million, compared to $3.0 million for the comparable quarter in 2007;
– Net income before income tax was $3.3 million, an increase of 6.5% over the $3.1 million reported for the comparable quarter in 2007;
— Gross written premiums of $41.8 million for the second quarter of 2008, compared to $48.6 million for the second quarter of 2007;
– Earned premium of $34.2 million for the second quarter 2008, compared to $37.2 million for the comparable quarter in 2007;
– Book value per share was $8.68 as of June 30, 2008, compared to $8.42 as of December 31, 2007; and,
– Company repurchased 275,000 shares of common stock.
“Given the competitive insurance market, we are pleased with our results for the second quarter and optimistic about the remainder of this year. We see positive momentum in all of our customer classes except for contractors,” Courtney Smith, president and CEO, said.
“Alternative staffing, PEO’s and temporary staffing, has shown strong
retention and persistency above 90 percent. Year to date, we have written 13 accounts in temporary staffing for a total of $4.2 million and we expect continued growth through the remainder of the year. Our small business program, e-comp., is holding its own in California and we are hopeful about additional opportunities in the Midwest.
Smith added that the company loss ratios are performing as expected, due to disciplined underwriting and pricing.
“At the same time we are controlling our expenses and our infrastructure will allow us to add business throughout this year and beyond with minimal increase in costs,” Smith said.
For a copy of the complete report go to http://www.suainsurance.com.
Source: Specialty Underwriters Alliance, Inc.