Fortegra Financial, a Florida-based insurance services company, has reported a net income of $3.6m, or $0.17 per diluted share, for the first quarter of 2011, compared to $3.5m, or $0.21 per diluted share, for the first quarter 2010.
Total revenue for the first quarter of 2011 were $54.7m, compared to $50.9m for the first quarter of 2010.
Net earned premium revenues were $28.4m for the first quarter of 2011, compared to $28.5m in the same quarter last quarter.
Revenues for the payment protection segment increased 44.8% to $14.3m in the first quarter of 2011, compared to $9.9m for the first quarter of 2010.
The BPO segment revenues decreased to 21.9% to $3.6m for the first quarter of 2011 compared to $4.6m for the first quarter of 2010.
Revenues for the brokerage segment increased 7.7% to $8.9m for the first quarter of 2011, compared to $8.3m in the first quarter of 2010.
Fortegra chairman and CEO Richard Kahlbaugh said the year has gotten off to a strong start from a top-line perspective, driven by a combination of organic growth and strategic acquisitions.
"As a result, we instituted a company-wide expense management program to achieve better flow-through on each dollar of revenue and ensure that we are tightly controlling our costs," Kahlbaugh said.