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First Mercury Financial Reports Q2, H1 Results

Net income includes a gain on the sale of ARPCO

First Mercury Financial has reported a net income for the second quarter of 2009 of $11.6 million, compared to $28.7 million for the same period of 2008. Net income for the first six months of 2009 was $20.3 million, as compared to $38.4 million for the same period of 2008.

Net income for the three and six months ended June 30, 2008 included $22.5 million and $23.6 million respectively, of income from discontinued operations, which includes a gain on the sale of ARPCO of $21.4 million.

The operating net income for the second quarter of 2009 was $5.3 million, as compared to $7.2 million for the same period of 2008. Operating net income for the first six months of 2009 was $12.8 million, compared to $16.2 million for the same period of 2008.

For the three months ended June 30, 2009, the gross written premiums were $82.5 million, a 3.3 % increase from the gross written premiums during the same period in 2008. For the six months ended June 30, 2009, gross written premiums were $160.4 million, a 0.4 % decrease from the gross written premiums during the same period in 2008.

First Mercury Financial Corporation provides insurance products and services to the specialty commercial insurance markets.