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Penn Millers Reports Q3 Results, Net Income Improves

Generated a net income of $1.4m compared to a net loss of $4.0m in Q3 2008

Penn Millers Holding Corporation has reported its financial results for the quarter ended and nine months ended September 30, 2009. For the three months ended September 30, 2009, the company has reported a net income of $1.4m compared to a net loss of $4.0m for the three months ended September 30, 2008.

The $5.4m improvement in net income was primarily due to lower catastrophe losses of $0.5m after tax in 2009 compared to the same period in 2008, realised losses on investments of $2.1m after tax and net loss after tax from discontinued operations of $2.4m for the same quarter in 2008.

For the nine months ended September 30, 2009, the net income was $1.3m compared to a net loss of $2.5m for the nine months ended September 30, 2008. The $3.8m improvement in net income was primarily due to lower catastrophe losses of $2.0m after tax in the nine months ended 2009 compared to the same period of 2008.

The company’s third quarter net premiums written increased 2.3% to $22.9m compared to $22.4m in the same period in 2008. The net premiums written through nine months were down 6.8% to $56.3m in 2009, compared to $60.3m in 2008.

Douglas Gaudet, president and CEO, said: We are pleased to report strong 2009 results for our first quarterly filing as a public company. Our operating income improved for both the quarter and year to date periods compared to the prior year and our book value grew 8.7% for the quarter.