CRM Holdings Ltd., a specialty provider of workers’ compensation insurance products, announced it had a net loss of $19 million in the fourth quarter of 2009. In the same period in 2008, the compnay had a net loss of $6.2 million. Total revenues for the fourth quarter of 2009 were $27.2 million, compared to $30.3 million the same period the previous year. The company said underwriting actions taken on business written by Majextic Insurance Co., the company’s primary insurance provider in New York and New Jarsey, reduced net earned premiums by $3 million.
During the quarter, Majestic experienced a decline in revenues compared to the same quarter of 2008. Net earned premiums for the quarter ended Dec. 31, 2009, were $17.2 million, compared to $20.4 million the same quarter a year ago. Majestic experienced lower volumes in the number of policies written in its major market of California during the fourth quarter. The decrease was offset slightly by higher pricing of policies.
Majestic’s loss ratio for the fourth quarter of 2009 was 156.8 percent, compared to 97.3 percent for the fourth quarter in 2008. This increase resulted from a higher current accident year loss ratio and $1.6 million of prior year unfavorable loss development, the company said.
To listen to the conference call about CRM’s Q4 results, visit www.CRMHoldingsLtd.bm/events.cfm.
Topics Profit Loss
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