The fourth-quarter profits of Troy, Mich.-based Meadowbrook Insurance Group increased to $2.5 million, or 8 cents per share, from $519,000, or 6 cents per share, from a year-earlier quarter.
Revenues for 2002 were $45 million, down $11.4 million, or 20.3 percent, from 2001. The revenue decrease had been foreseen by the company.
Meadowbrook continues to increase rates in excess of 15 percent, while open claims on discontinued business declined by 21 percent in the quarter.
For the year, Meadowbrook was in the black $1.7 million, or 8 cents per share, compared to a net loss of $6.5 million, or 76 cents per share, in 2001.
Was this article valuable?
Here are more articles you may enjoy.
Viewpoint: Insurance Broker Valuations – The Elephant in the Room 
Chubb Outlines Structure of $20B Gulf Reinsurance Facility, Now Including Liability Cover 
Florida Man Faked Brain Injury for Years in Attempt to Gain $6M in Insurance 
Meta Loses Insurance for Defense in Major Social Media Addiction Litigation 
