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Penn Millers reports loss for Q3

Penn Millers, a provider of property and casualty insurance services, has reported a net loss of $3.2m for the third quarter of 2010, compared to net income of $1.4m for the same quarter of 2009.

The total revenues for the third quarter of 2010 were $19.2m, compared to $22.3m for the same period of 2009.

For the nine months of 2010, Penn Millers reported a net loss of $4.7m, compared to net income of $1.3m for the same period of 2009.

Penn Millers president and CEO Douglas Gaudet said the company’s agribusiness segment performed well in the third quarter with an 89.7% combined ratio. Direct premiums written were up in this segment by 4.7% over the third quarter of 2009.