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Loyalist Insurance annual revenues slip

The Loyalist Insurance Group has reported revenues of $1.76 million for the year ended December 31, 2007, compared with the 2006 revenues of $2.12 million.

Loss from operations for the year was $249,241 as against loss of $50,399 recorded in 2006. Expenses were $2.29 million as compared to $2.41 million in 2006. Operational expenses for the period decreased by 12%, excluding extraordinary legal fees, or 5% inclusive of all expenses.

Total insurance premium collected in 2007 was $11.31 million compared to $13.562 million in 2006, a decrease of 17%. Consolidated cash balances were $344,730 as at December 31, 2007 compared to $529,583 in 2006.