NU Online News Service, Aug. 11, 3:45 p.m. EDT
Despite reinsurance costs remaining at "relatively high" rates, Florida domestic insurer Homeowners Choice Inc. said it recorded 2010 second-quarter net income of $1.3 million, compared to $3 million a year ago.
Richard Allen, chief financial officer of Homeowners Choice, said during a conference call that the insurer ceded 47.6 percent of gross earned premiums to reinsurance. Last year at this time the Clearwater, Fla.-based property insurer spent 31 percent of gross earned premiums on reinsurance.
The percentage ceded to reinsurance significantly impacted net premiums earned, which decreased more than 20 percent in the second quarter to $15.6 million. Net premiums earned for the first six months of 2010 were $31.9 million, a decrease of 22.1 from the prior year.
Recommended For You
Want to continue reading?
Become a Free PropertyCasualty360 Digital Reader
Your access to unlimited PropertyCasualty360 content isn’t changing.
Once you are an ALM digital member, you’ll receive:
- Breaking insurance news and analysis, on-site and via our newsletters and custom alerts
- Weekly Insurance Speak podcast featuring exclusive interviews with industry leaders
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical converage of the employee benefits and financial advisory markets on our other ALM sites, BenefitsPRO and ThinkAdvisor
Already have an account? Sign In Now
© 2025 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
