ProCentury Corporation, a specialty property and casualty insurance holding company based in Columbus, Ohio, reported a net loss for the third quarter ended Sept. 30, 2005 of $1.8 million, or $0.14 per diluted share compared to net income of $3.7 million, or $0.28 per diluted share for the same period in 2004.
Results for the third quarter of 2005 include:
– $9.3 million of pre-tax hurricane catastrophe losses and reinstatement premiums ($6.0 million after-tax or $0.46 per diluted share) attributable to hurricanes Katrina and Rita.
– GAAP combined ratio of 113.9 percent. The impact of hurricanes Katrina and Rita on the GAAP combined ratio was 20.6 percent.
– Gross written premiums of $53.5 million.
ProCentury is a specialty property and casualty insurance holding company. Its subsidiary, Century Surety Company, underwrites property and casualty insurance for small- and mid-sized businesses. Century Surety Company primarily writes excess and surplus lines insurance and markets its products through a select network of general agents.
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