Property/casualty insurer Ohio Casualty Corp. reported first-quarter net income of $37.7 million, or 55 cents per diluted share, versus $19.2 million, or 31 cents per diluted share in the first quarter of 2004.
The Fairfield, Ohio-based carrier also reported all lines combined ratio of 95.6 percent, an 8.2 point improvement and operating income of $37.7 million versus $18.4 million, a 104.9 percent increase.
CEO Dan Carmichael attributed the improved results to disciplined underwriting and pricing amid increasing competition. This was offset, however, by a 1.5 percent decrease in net written premiums for the quarter. Carmichael said the firm would devote “substantially more attention in 2005” to identifying new markets for profitable growth.
Topics Profit Loss Ohio Casualty
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