Ohio-based Hartville Group, Inc., a leader in the pet health, equine and farm and ranch market, announced that the financial results for its nine months ended September 30, produced gross underwriting revenues of $662,183 through the company’s 2002 reinsurance treaty for the period.
It participates on a 20% quota share basis with its reinsurance company. The profit compares with a gross underwriting loss of $107,494 on the company’s 2001 reinsurance treaty. Hartville indicated that it expects overall net profits of between $90,000 and $150,000 for the 4th quarter of 2002 or three to five cents per share.
Chairman and CEO Russell Smith III commented, “We are pleased to inform our shareholders of our positive progress in accordance with our fiscal plans. As our policies mature, the costs associated with servicing those policies become much less thus resulting in larger profits for our company, and this trend will continue.”
Topics Profit Loss Reinsurance
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