Gross written premium up by 76.8%
Meadowbrook Insurance Group, enagegd in specialty program management market, has reported a net income of $13.54m, or $0.24 per diluted share, for the first quarter ended March 31, 2009, compared to $7.06m, or $0.19 per diluted share, for the first quarter ended March 31, 2008.
According to the company, net operating income for the first quarter of 2009 was $16.34m, or $0.28 per diluted share, compared to $7.08m, or $0.19 per diluted share, for the same quarter of 2008.
For the first quarter of 2009, gross written premiums increased to $159.99m from $90.47m for the first quarter of 2008. Net written premiums were $133.52m for the first quarter of 2009, compared to $71.4m for the same period of 2008.
It said that total revenues for the first quarter of 2009 were $149.62m, compared to $85.17m for the corresponding quarter of 2008.
At March 31, 2009, total assets of the company were $1.85 billion, compared to $1.81 billion as of December 31, 2008.
Meadowbrook Insurance Group Inc, based in Southfield, Michigan, is a leader in the specialty program management market. Meadowbrook includes several agencies, claims and loss prevention facilities, self-insured management organizations and seven property and casualty insurance underwriting companies, including one in Bermuda. Meadowbrook is a risk management organization, specializing in specialty risk management services for agents, professional and trade associations, and small to medium-sized insureds.