21st Century Holding Company has reported revenues of $13.2m for the fourth quarter of 2009, a decrease of 17.5% compared to $16m for the same period last year.
The company’s net premiums earned for the quarter were $10.3m, down 30.5% compared to $14.8m for the same period last year. Gross premiums written increased 67.7% to $29.4m compared to $17.m for the same quarter last year.
For the fourth quarter ended December 31, 2009, the company posted a net loss of $7.4m or $0.93 per share, compared to a net loss of $2.8m, or $0.35 for the same period in 2008.
For the full year 2009, the company has reported revenues of $58.9m, a decrease of 12.8%, compared to $67.5m for 2008. Net premiums earned decreased to 26.3% to $48m compared to $65.1m last year. Net loss for the year ended December 31, 2010, was $10.3m or $1.29 per share,compared to $2.5m or $0.31 per share, for the same period last year.
Michael Braun, CEO and president of 21st Century, said: “The Florida property insurance industry is operating in a challenging environment and while we continue to face substantial headwinds, we believe that 21st Century Holding Company is heading in the right direction.
“While we will continue to be affected by reinsurance costs and mitigation credits, we expect to see a gradual improvement in operating margin from the flow through of the full effect of the November 2009 rate increase on voluntary business and an anticipated decrease in the cost of reinsurance in the second half of 2010. In addition, we have applied for a 14.9% rate increase on policies assumed from Citizens.