Net income increased $6.8m to $11.0m in Q3 of 2009 compared to $4.2m in Q3 of 2008
Meadowbrook Insurance Group has reported that third quarter net operating income grew by 6.9% to $11.7m, or $0.20 per diluted share, compared to $10.9m, or $0.23 per diluted share in the third quarter of 2008.
The net income increased $6.8m to $11.0m, or $0.19 per diluted share in the third quarter of 2009 compared to $4.2m, or $0.09 per diluted share in the third quarter of 2008.
Third quarter 2009 gross written premium increased 40.6% to $189.0m compared to $134.4m in the third quarter of 2008.
The net commission and fee revenue for the third quarter of 2009 declined as expected to $10.8m compared to $12.3m in the third quarter of 2008. The net operating income for the nine months ended September 30, 2009 increased 50.5% to $40.0m, or $0.69 per diluted share on 57.5m shares, compared to $26.5m, or $0.65 per diluted share on
40.7m shares for the same period in 2008.
The net income for the first nine months of 2009 increased 83.9% to $36.2m or $0.63 per share compared to $19.7m or $0.48 per share for the same period in 2008.
For the nine months ended September 30, 2009, the gross written premiums increased $186.6m, or 58.5%, to $505.9m compared to $319.3m for the same period last year.