The earnings were impacted by increased losses in the commercial segment
Fremont Michigan InsuraCorp has reported financial results for the quarter and six months ended June 30, 2009.
The net income was $585,000 or $.33 per diluted share in the second quarter of 2009, as compared to $1.1 million or $.62 per diluted share for the same period a year ago. The operating income was $783,000, or $.45 per share, compared to $1.5 million or $.86 per share for the same period a year ago.
The net income for the six months ended June 30, 2009 was $863,000 or $.48 per diluted share, compared to $2.2 million or $1.22 per diluted share in 2008. The operating income was $917,000, or $.52 per share, as compared to $3 million or $1.69 per share for the same period a year ago.
The earnings were impacted in the second quarter of 2009 by increased losses in the commercial segment. During the quarter, the company experienced higher commercial property losses caused by fire and water related damages as well as increased losses in the commercial auto and workers compensation product lines.
Fremont Michigan InsuraCorp is a US-based holding company for Fremont Insurance Company.