Penn Millers, a provider of property and casualty insurance services, has reported a net loss of $2.8m, or $0.62 per diluted share, compared to a net loss of $3.2m, or $0.71 per diluted share for the third quarter of 2010.
Total consolidated revenues for the third quarter of 2011 were $19.2m, flat compared to $19.2m for the same quarter in 2010.
Net premiums written for the third quarter of 2011 were $1.1m higher than the third quarter of 2010.
For the nine months ended 30 September 2011, Penn Millers reported a net loss of $5.3m, or $1.18 per diluted share, compared to a net loss of $4.7m, or $1.02 per diluted share for the nine months ended 30 September 2010.
For the nine month period, total consolidated revenues were $56.8m in 2011, compared to $57.8m in 2010.
Penn Millers was adversely impacted by catastrophe losses in the third quarter of 2011 that accounted for approximately 19 loss ratio points of its 86.0% third quarter loss ratio.
The Company provides property and casualty insurance through its wholly owned subsidiary, Penn Millers Insurance Company.
Penn Millers Insurance Company provides agribusiness insurance and commercial lines insurance in 34 states.