Health care risk management and insurance provider FinCor Holdings has reported a net income of $2.7 million for the first quarter of 2008, a 46.9% increase compared to a net income of $1.8 million for the same period of 2007.
According to FinCor, earnings in the first quarter of 2008 benefited from the recognition of $4.3 million of favorable reserve development and continued growth of FinCor’s non-underwritten revenues.
The company’s combined ratio for the quarter declined to 92.1%, from 102.2% for the comparable period in 2007, primarily as a result of the favorable reserve recognition.
FinCor’s first quarter net written premiums increased 16.5% to $13.7 million, compared to $11.8 million during the corresponding period of 2007. The increase in net written premiums was primarily reflective of an increase in Michigan, Ohio, and Washington facility business.
Thomas Dickinson, president and CEO of FinCor Holdings, said: We’ve had a tremendous quarter on all fronts. We continue to grow despite reports of declining revenues from others in our industry. The strength of our financial performance over the long term, and most certainly in this past quarter, provides evidence that the strategic direction we have selected is very effective.