AssuranceAmerica has reported total revenues of $67m for the fiscal year 2009, an increase of 6% compared to $63.2m in 2008. The increase in revenues was mainly due to increase in premium production within the Carrier/MGA wholesale division.
The company’s gross premiums written for the year were $107.2m, an increase of 15% compared to $93.2m in 2008. Net premiums written in were $35.2m compared to $28.9m last year. Net premiums earned were $34.4m compared to $28.7m in 2008.
For the full year 2009, the company has posted a net income of $0.45m, or $0.007 per share compared to a net loss of $3.2m, or $0.05 per share for the full year 2008.
Joe Skruck, president and COO of AssuranceAmerica, said: “I’m very pleased that we were able to deliver improved results despite continued tough operating conditions. During 2009, we made significant progress in strengthening our claims handling capabilities, took appropriate rate and underwriting actions in our Carrier/MGA operations and achieved cost savings in our retail operations.”