Midland Reports 68% Boost In Quarterly Net
NU Online News Service, April 19, 1:42 a.m. EDT? The Midland Company, an Amelia, Ohio-based insurer, reported first-quarter net profit up 68 percent to $16.85 million compared with $10.05 million reported during the period one year ago. [@@]
Revenue for the first quarter rose as well, up 12.6 percent to $190.6 million, compared with $169.3 million in last year's first quarter.
The company's chief executive officer John Hayden commented that first-quarter figures reflect the continued strength in the underwriting results of Midland's core line of business?damage insurance and related policies on manufactured housing and low-value homes.
Mr. Hayden also noted that in the first quarter the company experienced a significant improvement in the underwriting results in other specialty lines as well?including motorcycle, site-built dwelling, watercraft and recreational-vehicle lines of business.
For the first quarter, property and casualty gross written premiums for Midland's American Modern Insurance Group unit grew 10.5 percent to $160.4 million, including manufactured-housing gross written premium growth of 10.5 percent to $80.6 million.
American Modern's property-casualty combined ratio improved to 94.3 compared with 96.2 a year ago.
Gross written premium from other p-c specialty lines?such as site-built dwelling, excess and surplus lines, collateral protection, mortgage, fire, recreational vehicle, and collector automobile products?grew 20.1 percent to $68.8 million overall.
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