Ohio Casualty Corp. said it would pay a quarterly dividend of nine cents a share payable on Dec. 12 to shareholders of record as of Dec. 1.
The Fairfield, Ohio-based insurer reported net income was virtually flat at $55 million in the quarter, with net income per share rising four cents to 89 cents a share. Revenues were down $17 million, from $436 million to $419 million in the third quarter of 2006.
For the nine months, net income rose $7.4 million to $142.8 million, or $2.24 a share. Revenues are off $20 million, at $1.25 billion.
The company blamed the softening market and increased competition for its declines, but said that disciplined underwriting, lower catastrophe losses, efficiency gains, and the benefit of favorable frequency loss and prior accident development trends lead to strong operating results.
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