21st Century Holding Reports Higher Profit

21st Century Holding Reports Higher Profit

NU Online News Service, May 6, 4:11 p.m. EDT?The 21st Century Holding Company, a provider of nonstandard auto, homeowners and mobile home property-casualty coverage, reported a first-quarter profit of $2.3 million, or 77 cents per share, more than a twofold increase from one year ago.

During the corresponding period in 2002, the company posted a net income of $991,370, or 33 cents per share.

Edward J. Lawson, president and chief executive officer at 21st Century Holding, said that his company expects continued growth and profitability going forward. He added that the latest quarterly results exceeded the company's per-share guidance by 27 cents and represents its fifth-consecutive record quarter.

"The board of directors' next meeting is set for the second week of June and dividend action will be discussed at that time," Mr. Lawson said.

Based in Plantation, Fla., 21st Century Holding manages its insurance underwriting, distribution and claims process through its subsidiaries, including Federated National Insurance Company and American Vehicle Insurance Company.

The company also owns a managing general agent, which has underwriting authority for Federated National, American Vehicle and third-party insurance companies. It also has a wholly-owned claims adjusting company.