Homeowners Choice, Inc., the Clearwater-based insurance holding company, reports that net income for the third quarter of 2009 increased two percent to $815,000, or $0.11 per diluted share, compared with net income of $802,000, or $0.12 per diluted share, for the third quarter of 2008. Third-quarter investment income was $516,000, compared with $425,000 in the prior-year period.
Gross premiums earned for the third quarter of 2009 more than doubled to $25.2 million from $12 million in the prior-year quarter. Net premiums earned for the third quarter of 2009 increased 49 percent to $12.0 million from $8.1 million in the prior-year quarter. Losses and loss adjustment expenses were $6.7 million compared with $4.6 million in the prior-year quarter.
Reinsurance costs increased significantly beginning June 1, 2009, when the company renewed its reinsurance policies. During the third quarter, the company ceded more than half of its gross premiums earned to reinsurers.
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