Hallmark Financial Services has reported revenues of $73.4m for the fourth quarter of 2009, an increase of 22% compared to $60.2m for the same period last year.
The company’s net premiums written for the quarter increased by 5% to $57.9m from $55.07m for the same period last year. Net premiums earned increased by 11% to $65.08m from $58.3m. Gross premiums written for the quarter were $67.01m compared to $57.4m for the same period in 2008.
For the foruth quarter ended December 31, 2009, the company posted a net income of $9.3m, or $0.46 per diluted share, compared to net loss of $2.4m, or $0.12 per diluted share for the fourth quarter of 2008.
For the full year 2009, the company has reported revenues of $287.03m, an increase of 7% compared to $268.6m for 2008. Net premiums written were $261.7m compared to $244m while net premiums earned were $251.07m compared with $236.3m. Net income for the fourth quarter was $24.5m compared to $12.8m for the same period last year.
Mark Morrison, president and CEO of Hallmark, said: “Our primary focus continues to be on underwriting profitability, as opposed to premium growth or market share. We are achieving this goal by remaining disciplined in soft market conditions, as evidenced by our 91.7% combined ratio for the year.”