State National Companies Inc., a Bedford, Texas-based specialty provider of property/casualty insurance services, reported an 18 percent increase in total revenues for the first quarter ended March 31, 2017. The company also raised its 2017 earnings per share outlook.
Compared to the first quarter of 2016, in the same period in 2017, the company’s total revenues increased by 18 percent to $59 million and earned premiums increased by 15 percent to $36.5 million. Net income increased to $11.5 million, up 19 percent.
Other highlights include:
- Ceding fees were $17.6 million, up 9 percent
- EPS of $0.27, up from $0.23
- EBITDA was $19.4 million, up 17 percent
The Lender Services area was particularly strong with premiums earned growing by 15 percent in the first quarter, State National Chairman and Chief Executive Officer Terry Ledbetter said in the company’s release.
The company also saw an increase Program Services activity with the addition of two significant client relationships. Their existing books of business together are expected to produce annual premiums of approximately $200 million, the company said.
For 2017, State National is raising its 2017 outlook range for diluted adjusted earnings per share to $1.18 to $1.26, up from the prior estimated range of $1.13 to $1.21.
Source: State National Companies
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