Fremont Michigan InsuraCorp, a Michigan-exclusive property and casualty insurance carrier, has reported total revenues of $15.9m for the second quarter of 2010, an increase of 15.6% compared to $13.8m for the same quarter in 2009.
The net premiums earned for the second quarter were $14.5m compared to $13.1m and the net premiums written were $17m compared to $14.6m for the same period last year.
Net premiums written for the second quarter of 2010 were $17.04m compared to $14.61m in the same quarter last year.
For the quarter ended June 30, 2010, the company posted net income of $0.16m, or $0.09 per diluted share, compared to $0.58m, or $0.33 per diluted share, for the same period last year.
Kevin Kaastra, vice president of finance at Fremont Michigan InsuraCorp, said: “Our combined ratio of 108.6%, compared with 98.8% last year, was driven by an increase in the loss and LAE ratio to 75.2% in the quarter, up from 66.5% a year ago.
“The resulting underwriting loss was offset by net investment income and realized gains on investments, enabling us to remain profitable in the quarter.”