Meadowbrook Insurance Group, Inc. reports second quarter operating income of $1.0 million or $0.12 per share. These results reflect an improvement over first quarter 2000 operating income of $116,000 or $0.01 per share.
Meadowbrook President and Chief Operating Officer Robert S. Cubbin said, “The execution of our expense reduction initiatives continues to positively impact the margins on our fee and commission revenue. We recognize the need to further improve underwriting results through select rate and fee increases, heightened underwriting selectivity, and continued focus on the few under- performing programs.”
Revenues for the quarter increased $10.0 million, or 24%, to $51.7 million in the second quarter of 2000 from $41.7 million during the same period of 1999. Excluding recent acquisitions, revenues grew $5.2 million, or 12.5%.
Incurred losses increased to $27.8 million in the second quarter of 2000 from $20.9 million in 1999. The second quarter GAAP loss and loss expense ratio was 76.7% in 2000 compared to 73.2% in 1999.
For the second quarter, other operating expenses increased 20% to $23.1 million in 2000 from $19.2 million in 1999. Excluding recent acquisitions, expenses increased $1.3 million, or 6.7%.
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