Homeowners Choice has reported total revenues of $17.4m for the second quarter of 2010, a decrease of 14.5% compared to $20.3m for the same quarter in 2009.
Gross premiums earned were $30m for the quarter ended June 30, 2010 compared with $28.6m for the quarter ended June 30, 2009. Net premiums earned for the second quarter of 2010 decreased 20.2% to $15.6m from $19.6m in the prior year quarter.
For the quarter ended June 30, 2010, the company posted net income of $1.3m, or $0.19 per diluted share, compared to $3m, or $0.42 per diluted share, for the same period last year.
FX McCahill, CEO of Homeowners Choice, said: “We are delighted to report continued profitability this quarter and a significant bottom-line improvement in comparison to the first quarter of 2010.
“We continue to expect profitability and bottom-line improvement in 2010 primarily as a result of an average rate increase of 14%, which began rolling through our book of business in April 2010.”