Net premiums written dropped 30 percent, or $114 million, to $263 million. The drop in net premiums was partially affected by reinsurance arrangements that ceded slightly more than $36 million in written premium.

The company reports a combined ratio of 109.4 compared to 103 for the previous year.

Catastrophe losses, net of reinsurance recoveries, were $20 million compared to $16 million for the first quarter last year.

In a statement on Tuesday, Bob Restrepo, president and chief executive officer, says homeowners results excluding catastrophe weather losses and price increases are improving results. Commercial lines “improved significantly” and “mid-single digit price increases” are expected by the end of the year.

The surplus lines and workers' compensation lines are also showing positive signs except middle market on the workers' comp “where we had a tough quarter,” he says.

The company was “relatively cat free,” he continues, except for early March severe weather event affecting the company's largest states—Kentucky, Indiana, Ohio and Tennessee.

“We look for continued improvements in our operating results as we achieve prices greater than our loss costs in personal lines, get price increases in our commercial lines book, and leverage investments in our specialty operations,” says Restrepo.