National Interstate Corporation announced higher preliminary earnings estimates for 2006 and a 65 percent jump in fourth-quarter premiums, sending shares of the transportation insurance specialist's stock up nearly 25 percent this afternoon.
The Richfield, Ohio-based specialty insurer of trucks and personal recreational vehicles said that gross premiums for the fourth quarter soared to $61.5 million from $37.3 million for the comparable quarter in 2005. For the full year, the company said gross premiums were $305.5 million–up 13.1 percent over full-year 2005.
The company anticipates 2006 fourth-quarter net income in the range of 54 cents to 60 cents per share, compared with 41 cents for fourth-quarter 2005. For the year, net income is expected to come in the range of $1.80 to $1.86 per share, more than 20 cents above the 2005 level of $1.60 per share.
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