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21st Century reports Q4 net loss

21st Century reported a net loss of $2.8m for Q4 08 compared to a net income of $8.1m for Q4 07

21st Century Holding, an insurance holding company, has reported a net loss of $2.8m, or $0.35 per diluted share, for the fourth quarter ended December 31, 2008, compared to net income of $8.1m, or $1.02 per diluted share, for the fourth quarter ended December 31, 2007.

Net premiums earned decreased $10m or 40.4% to $14.8m for the fourth quarter of 2008 as compared to $24.9m for the same quarter in 2007.

For the fourth quarter of 2008 total revenues decreased $13.6m or 46% to $15.9m as compared to $29.5m for the corresponding quarter in 2007.

For the 12 months ended December 31, 2008, the company has reported a net loss of $2.5m, or $0.31 per diluted share, as compared to net income of $21.3m, or $2.65 per diluted share, for the 12 months ended December 31, 2007.

Net premiums earned decreased $34.1m or 34.4% to $65.1m for the year 2008 as compared to $99.2m for the year 2007. Total revenues decreased $51.8m or 43.5% to $67.4m for 2008, as compared to $119.1m for the same twelve-month period in 2007.

21st Century Holding Company is authorised to underwrite homeowners property and casualty insurance, commercial general liability insurance, personal automobile insurance, and commercial automobile insurance in various states with various lines of authority though its wholly owned subsidiaries, Federated National Insurance and American Vehicle Insurance.