Amerisafe has reported revenues of $64m for the fourth quarter of 2009, almost flat compared to the revenues reported for the same period last year.
The company’s gross premiums written for the quarter were down 24.2% to $49.4m from $65.1m for the same period last year. Net premiums written decreased to $43.3m from $59.5m, while net premiums earned decreased to $57m from $71.8m.
For the fourth quarter ended December 31, 2009, the company posted net income of $6.6m, an increase of 15% compared to $5.7m for the same period last year.
For the full year 2009, the company has reported revenues of $282.2m compared to $302.4m in 2008. Gross premiums written decreased to $256.4m from $307.8m last year. Net premiums earned were donw to $250.9m from $289.5m in 2008. Net income for 2009 increased 5.9% to $46.4m compared to $43.8m for 2008.
Allen Bradley, chairman, president and CEO of Amerisafe, said: In terms of loss experience the fourth quarter was disappointing. Yet Amerisafe continues to produce an underwriting profit despite these losses, the protracted soft insurance market cycle and economic pressures on the classes of business we insure.
“The Amerisafe team is committed to operating efficiently throughout cycles and maintaining profitability by appropriate risk selection and effective claims management, as evidenced in our superb combined ratio of 86.9% and return on average equity of 16.0%. Making prudent business decisions in the current market bodes well for our company’s ability to build long-term shareholder value.