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.
OpenAI Report Says Its Network Was Hacked by Its Own Rogue AI Agents 
Tornado Alley’s on the Move and Creating New Risk Concerns, Modeler Says 
Trump’s Environmental Rollbacks Are Being Struck Down by Courts 
USI Sues 3 Former Producers After They Allegedly Moved Clients to Howden US 
