Fremont Michigan InsuraCorp Inc., a Michigan-exclusive property and casualty insurance carrier, reported record revenues of $56.9 million for 2009, representing growth of 13.4 percent over 2008.
For the year ended Dec. 31, 2009, net income was $4,245,000, compared to $3,761,000 in 2008. Net income for the quarter ended Dec. 31, 2009, was $1,914,000, compared to $237,000, in the same quarter in 2008.
The company’s combined ratio came in at 88.5 percent for the fourth quarter and 95.0 percent for the full year
For the fourth quarter 2009, Fremont generated direct premiums written of $17,157,000 compared to $15,750,000 in the 2008 quarter, an increase of 8.9 percent. For the all of 2009, the company generated direct premiums written of $66,856,000 compared to $60,882,000 in 2008, an increase of 9.8 percent.
Fremont recently announced it plans to expand its services to Wisconsin and other neighboring states and has filed the required documentation with insurance regulators in the state of Wisconsin with the hopes of entering that market.
Source: Fremont Michigan InsuraCorp
Topics Michigan
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