Homeowners Choice has reported revenue of $12.92m for the fourth quarter of 2009, a decrease of 34% compared to $19.48m for the same period last year.
The company’s gross premiums earned for the fourth quarter increased to $25.9m from $24.5m for the same period last year. Net premiums earned decreased 35% to $12.4m from $19m in the prior year quarter.
For the fourth quarter ended December 31, 2009, the company posted net income of $0.81m, or $0.11 per diluted share compare to a net income of $5.1m or $0.71 per diluted share for the same period last year. Book value per share increased to $7.03 at December 31, 2009, an increase of 29.5% compared to $5.43 for the same period last year.
For the full year 2009, the company has reported revenue of $68.37m compared to $49.53m in 2008. Gross premiums earned increased 78% to $110m from $61.9m in 2008. Net premiums earned increased 38% to $65.3m from $47.3m last year. Net income for 2009 was $10.9m, or $1.52 per diluted share, a decline compared to $12.7m, or $2.08 per diluted share in 2008.
FX McCahill, CEO of Homeowners Choice, said: “We are pleased to report the 10th consecutive profitable quarter despite what has been a challenging environment because of legislatively mandated wind mitigation credits and rising reinsurance costs.
“In December we assumed approximately 23,000 policies from Citizens, although after opt outs we currently retain approximately 18,000 policies. We expect to add more policies in 2010.”