View this article online: https://www.insurancejournal.com/news/west/2006/02/22/65721.htm
Seattle-based SeaBright Insurance Holdings Inc. reported results for the fourth quarter and year ended Dec. 31, 2005.
For the fourth quarter of 2005, net income was $6.3 million or $0.38 per diluted share compared to net income of $3.2 million or $0.41 per diluted share for the same period in 2004. Weighted average diluted shares outstanding for the fourth quarter of 2005 were 16.7 million compared to 7.8 million for the fourth quarter of 2004. Total revenue for the fourth quarter of 2005 increased 65% to $52.7 million versus $32.0 million in the year-earlier period.
The net combined ratio for the fourth quarter was 84.4% compared to 85.7% for the same period in 2004. Loss and loss adjustment expenses for the fourth quarter 2005 were $31.4 million versus $18.8 million in the same period in 2004. Total underwriting expenses for the fourth quarter were $10.8 million compared to $7.3 million in the prior year period.
For the year ended Dec. 31, 2005, net income was $18.3 million, or $1.13 per diluted share, compared to net income of $7.2 million, or $0.98 per diluted share, for the year ended Dec. 31, 2004. Weighted average diluted shares outstanding were 16.2 million in 2005 compared to 7.4 million in 2004. Total annual revenue increased 99% to $172.3 million in 2005 versus $86.7 million in the prior year.
The net combined ratio for the year ended Dec. 31, 2005 was 86.3% compared to 87.0% for the same period in 2004. Loss and loss adjustment expenses for the year ended Dec. 31, 2005 were $105.8 million versus $53.7 million in the same period in 2004. Total underwriting expenses for the year were $33.8 million in 2005 compared to $17.9 million in the prior year.
John Pasqualetto, SeaBright’s chairman, president and chief executive officer, said, “Clearly 2005 was a very significant year for the Company. Our initial public offering in January enabled us to take advantage of the strong demand in our niche markets that resulted in our profitable growth. Our fourth quarter results demonstrate our ability to deliver value to our selected target customers and continues to drive our growth in premiums and underwriting profits. Looking ahead to 2006, we remain confident in the utility of our niche business model and its capacity to fuel geographic expansion in our new offices in Chicago and Tampa, and support selected expansion in our core markets in the West.”