Affirmative Insurance Holdings, a distributor and producer of non-standard personal automobile insurance policies, reported total revenues of $119.6m for the first quarter of 2010, an increase of 2.4% compared to $116.9m for the same quarter in 2009.
The gross premiums written increased $4.9m to $117.1m, or 4.4%, compared with $112.2m of first quarter of 2009.
Net investment income decreased by $1m, or 40.9%, to $1.5m for the three months ended March 31, 2010, compared with the same period in 2009.
Net premiums earned decreased by $0.5m, or 0.5%, to $92.7m for Q1. The decrease was primarily due to a reduction in net premiums written of $7m, or 5.7%, to $114.9m for the three months ended March 31, 2010.
The reduction was largely the result of the termination of the quota-share reinsurance contract for the Louisiana and Alabama business on a cut-off basis
effective January 1, 2009 and the resulting return of $10.5m of ceded unearned premium.