CRM Holdings has reported revenues of $27.2m for the fourth quarter of 2009, a decrease of 10.2% compared to $30.3m for the same period last year.
The company reported loss from continuing operations of $19m, compared to loss from continuing operations of $6.2million in the same period a year ago.
For the fourth quarter ended December 31, 2009, the company posted net loss of $19m, or $1.13 per share, compared to $5.75m, or $0.35 per share for the same period last year.
Total underwriting expenses for the fourth quarter increased to $33.2m from $28.2m a year ago. The company’s fee based management services revenue was $1.1m, compared to $1.9m for the same period last year.
Net premiums earned in primary insurance unit for the quarter ended December 31, 2009, were $17.2m, compared to $20.4m for the same quarter in 2008, while net premiums earned in reinsurance segment Twin Bridges decreased to $2.3m from $3.5m.
For the full year 2009, the company reported revenues of $101.5m compared to $143.2m in 2008. The net loss from continuing operations was $45m, compared to net income from continuing operations of $2m in 2008.