Acceptance Insurance Cos. Inc., an Omaha crop insurance company, noted it lost $888,000, or 6 cents per share, in the three months that ended June 30, bringing its loss for the year to $4.7 million, or 33 cents a share, according to a report in the Omaha World-Herald.
In the comparable periods a year ago, Acceptance lost $520,000, or 4 cents a share, in the second quarter of 2000 and $2.4 million, or 17 cents a share, in the first half of last year.
The company has reorganized itself over the past two years, concentrating on crop coverage while selling off other forms of property/casualty insurance. As a result, the premiums it writes declined from $25.1 million in the second quarter of last year to $3.3 million in the latest period, and total revenues dropped from $48.1 million to $20.2 million.
Underwriting losses, the result of insurance claims that were higher than premium income, totaled $3.8 million in the latest quarter, compared with $4.7 million in the second quarter of 2000. Acceptance had $4.9 million in investment gains during the quarter and ended up with an operating gain of $919,000. Interest expense totaled $2.2 million, however, contributing to the loss.
Topics Profit Loss
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