First Mercury Financial has reported revenues of $95.3m for the fourth quarter of 2009, an increase of 66.3% compared to $57.34m for the same period last year.
The company’s gross written premiums were $102.2m, a 22.9% increase from the gross written premiums of $83.16m during the same period in 2008. Net premiums earned were $76.5m, a 40.2% increase from $54.5m in the same period last year.
For the fourth quarter ended December 31, 2009, the company has posted net income of $8.4m, an increase of 256.5% compared to a net income of $2.4m for the same period last year.
For the full year 2009, the company has reported revenues of $320.67m, an increase of 48.7% compared to $215.7m in 2008. Gross written premiums were $344.4m, a 7.2% increase from $321.28m in 2008. Net earned premiums were $232m, a 19.7% increase from last year. Net income was $44.4m up 8.6% from $40.84 in 2008.
Richard Smith, chairman, president and CEO of First Mercury, said: Our underwriting discipline, conservative investment philosophy and effective capital management combined to deliver a return on average stockholders’ equity of 15.3% for the year ended December 31, 2009 and a compound annual growth in book value per share of 22.6% for the three year period ended December 31, 2009. This positioned us to declare a $2 per share special cash dividend.
We believe the company’s capital position after the dividend will support our growth strategy and permit us to build on our demonstrated track record of success.