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CRM Holdings Reports Q2 Results

Incurred a net loss from continuing operations of $2.1 million, or $(0.12) per diluted share

CRM Holdings, a provider of products and services for the workers’ compensation insurance industry, has reported the results for the second quarter ended June 30, 2009.

In the second quarter of 2009, the company incurred a net loss from continuing operations of $2.1 million, or $(0.12) per diluted share. In the same quarter in 2008, the company earned net income from continuing operations of $4.6 million, or $0.28 per diluted share.

Total revenues from continuing operations in the second quarter of 2009 were $26.4 million, as compared to $47.8 million in the same quarter of the prior year.

Investment income during the quarter declined to $2.8 million from $4.7 million in the second quarter of 2008. The second quarter in 2008 benefited from $2.2 million of realised gains on the liquidation of the company’s equity portfolio, as it reduced the risk profile of its investments.

Total underwriting expenses for the second quarter declined to $21.9 million, from $33.3 million a year ago.

The company’s reinsurance segment, Twin Bridges, generated $2.3 million of net earned premiums in the second quarter of 2009, down from $6.3 million in the second quarter of the prior year.