Investors Title reported a net loss of $3.95m for Q4 08 compared with a net income of $1.07m for Q4 07
Investors Title Company, an insurance holding company, has reported a net loss of $3.95 million, or $1.72 per diluted share, for the fourth quarter ended December 31, 2008, compared with a net income of $1.07 million, or $0.43 per diluted share, for the same quarter in 2007.
Total revenues for the fourth quarter of 2008 were $12.31 million, as compared to $19.44 million for the same quarter of 2007. For the fourth quarter of 2008, net premiums written decreased by 20.4% to $12.39 million from $15.57 million for the comparable quarter of 2007.
For the year ended December 31, 2008, the company reported a net loss of $1.18 million, or $0.50 per diluted share, compared with a net income of $8.4 million, or $3.35 per diluted share, for the year ended December 31, 2007.
For the year 2008, total revenues declined to $71.12 million from $84.94 million for the year 2007. Net premiums written decreased 9% to $63.66 million for the year 2008 from $69.98 million for the year 2007.
Allen Fine, chairman of Investors Title Company, said: Operating conditions remained extremely challenging during the fourth quarter as we experienced not only a continued decline in sales but a spike in claims. We are closely monitoring conditions in the current real estate market in order to best position the company during this downturn while being mindful of opportunities to enhance our competitive strengths and marketing position, and prepare ourselves for when the market stabilizes.