Florida-based AmCOMP Inc., announced results for the fourth quarter and 2007 year-end results.
For calendar year 2007, net income increased 13.7 percent to $18.8 million, compared to net income of $16.6 million for the year ended December 31, 2006. Total annual revenue decreased 12.3 percent to $249.1 million in 2007 compared to $283.9 million in the prior year.
The net combined ratio for the year ended December 31, 2007, improved to 93.8 percent from 95.8 percent for the same period in 2006. Loss and loss adjustment expenses for 2007 were $126.6 million versus $163.7 million in the same period in 2006. Total underwriting expenses for the year were $77.2 million in 2007 compared to $81.7 million in 2006.
For the fourth quarter of 2007, net income was $2.4 million compared to net income of $1.3 million, for the same period in 2006. Total revenue for the fourth quarter of 2007 was $61.9 million versus $68.7 million in the comparable period in 2006.
The net combined ratio for the fourth quarter improved to 99.1 percent compared to 103.7 percent for the same period in 2006. Loss and loss adjustment expenses for the fourth quarter 2006 were $33.7 million versus $44.4 million in the same period in 2006. Total underwriting expenses for the fourth quarter were $19.8 million compared to $20.0 million in the prior year period.
Fred R. Lowe, AmCOMP’s president and chief executive officer, said the company bought back approximately 3.7 percent of its shares in 2007 and entered into a definitive agreement to be acquired by EMPLOYERS Holdings Inc.
Lowe said the transaction gives agents and underwriters access to new geographical territories in the workers’ compensation market.
Source: AmCOMP Inc.
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