The Seibels Bruce Group Inc. of Columbia, S.C. announced financial results for the quarter that ended September 30, 2002, reporting a net profit for the quarter of $1.8 million, or $0.21 per share (basic and diluted). This is compared with a net profit of $1.2 million, or $0.15 per share (basic) and $0.14 per share (diluted), for last year’s third quarter.
“While we remain under certain regulatory restrictions, our profitability continued,” said Seibels Bruce president, Michael A. Culbertson.
The automobile segment, which consists of the company’s active nonstandard automobile program in North Carolina as well as the runoff operations of its South Carolina motor vehicles, Nashville, S.C, Reinsurance Facility and premium finance programs, reported overall net income of $118 thousand. “We will continue to rely on Universal Insurance Company, our North Carolina- based nonstandard automobile operation, to contribute to the profits of our automobile segment,” commented Culbertson.
The flood segment reported a gain of $643 thousand for the quarter. “Going forward, Seibels Bruce will not realize the benefit of income associated with the National Flood Insurance Program, since the Federal Emergency Management Agency has not renewed the company’s Financial Assistance/Subsidy Arrangement with the Federal Insurance and Mitigation Administration, as previously disclosed.”
Commercial operations reported a net profit of $112 thousand for the quarter. “Given restrictions on the company’s ability to write new commercial lines business and renewal commercial lines business in certain states, we expect a temporary reduction in commercial lines income,” stated Culbertson. “We are working closely with the South Carolina and other Departments of Insurance to meet the necessary requirements to resume writing new commercial lines business as soon as possible. We are pleased that the South Carolina Department of Insurance has already approved Seibels Bruce to write renewal commercial lines business through its subsidiary, Catawba Insurance Company, in Georgia, South Carolina and Tennessee.”
Seibels Bruce’s adjusting services company, Insurance Network Services Inc. (INS), posted a profit of $470 thousand for the quarter. The all-other segment posted a profit of $396 thousand, primarily a result of earnings in the company’s managing general agent operations and of the Human Dynamics Corporation Program.
Culbertson concluded, “The third quarter proved to be a challenging one for Seibels Bruce. We are committed to working through current regulatory restrictions and the loss of our flood insurance business to become a stronger insurance company in the future.”
Topics Profit Loss South Carolina
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