CRM Holdings, a provider of a range of products and services for the workers' compensation insurance industry, has reported total revenues of $42.2 million for the fourth quarter of 2007, up 58.5% compared to total revenues of $26.6 million for the same quarter in 2006.
For the fourth quarter of 2007, net income was $4.9 million, or $0.30 per diluted share compared to a net income of $4.2 million, or $0.26 per diluted share for the same quarter in 2006.
These results were aided by the inclusion of the results of Majestic Insurance Company, which was acquired in 2006, and the overall growth of the company’s primary insurance business.
Net earned premiums from primary insurance and reinsurance during the quarter rose to $31.6 million from $14.5 million in 2006. Total expenses during the quarter climbed to $35.9 million from $21.9 million in 2006, with the increase attributable to the inclusion of Majestic’s full quarter results in 2007.
For the 2007 fiscal year, net income increased 41.3% to $20.1 million, or $1.24 per diluted share from $14.3 million, or $0.88 per diluted share in 2006. Net earned premiums from primary insurance and reinsurance for the period grew 281% to $116.8 million from $30.7 million in the 2006.
Daniel Hickey, CEO of CRM Holdings, said: The fourth quarter completes a year that has demonstrated the resilience of the CRM business model. CRM is in a very strong position today in its major markets where the rate environment is still in the softening phase of the cycle. I am looking forward to reporting on our performance in the year ahead.