Penn Millers Holding has reported total revenues of $19.09m for the first quarter of 2010, a marginal decrease of 2% compared to $19.4m for the same quarter in 2009.
The company’s premiums earned for the quarter were $17.05m which is a decrease of 5.5% compared to $18.05m for the same period last year.
Loss before income taxes for the first quarter of 2010 were $309,000 compared to income before income taxes of $890,000 for the same quarter in 2009.
For the quarter ended March 31, 2010, the company posted net loss of $242,000, or $0.05 per share compared to $135,000 for the same period last year.
Douglas Gaudet, president and CEO of Penn Millers, said: The significant storm activity during the first quarter made it a particularly difficult quarter for both Penn Millers and the industry. While the Northeast and Mid-Atlantic were particularly hard hit, no part of the country seemed to go unscathed, as even the South and Southwest had record snowfalls and cold snaps.