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Affirmative Insurance Q3 revenue declines

Affirmative Insurance, a distributor and producer of non-standard personal automobile insurance policies, has reported a total revenue of $11.05m, for the third quarter of 2010, compared to $11.15m for the same quarter of 2009.

Reported a net loss of $23.1m or $1.50 per diluted share for the third quarter of 2010, compared to a net loss of $3.4m or $0.22 per diluted share, for the same quarter last year.

Total gross premiums written for the third quarter of 2010 increased $1.9m to $93.3m or 2%, compared with the third quarter of 2009, primarily due to an increase in production from independent agent distribution channel.

The net loss for the first nine months of 2010 was $38.7m, compared with net loss of $1.6m in 2009.