PMA Capital has reported revenues $130.2m for the fourth quarter of 2009, a decrease of 1.9% compared to $132.7m for the same period last year.
The company’s net premiums written were $84.5m for the fourth quarter of 2009, compared to $97.4m for the same quarter a year ago. Net premiums earned were $100.6m compared to $103.9m for the fourth quarter last year.
The company has posted an operating income of $21.87m for the quarter compared to an operating income of $3.57m for the same period last year.
For the fourth quarter ended December 31, 2009, the company posted a net income $3.18m, or $0.10 per share, compared to a net loss of $4.1m or $0.13 per share for the same period last year.
For the full year 2009, the company has reported revenues of $531.7m compared to $494.1m in 2008. Net premiums written were $402.5m compared to $414.7m in 2008. Net premiums earned were $415.4m compared to $390.7m last year. Operating income was $40.5m compared to $21.5m in 2008, and net income was $21.2m, or $0.66 per share, compared to $5.7m, or $0.18 per share last year.
Vincent Donnelly, president and chief executive officer, said: “In spite of an economic environment which continues to provide significant challenges, PMA Capital finished 2009 with profitable operating results, significant book value growth, and closure on the sale of its run-off operations.
“We also realized significant revenue growth in our fee-based business during the fourth quarter and full year 2009. While we are disappointed with our fourth quarter results at The PMA Insurance Group, our full year combined ratio remained below 100% for the third straight year.”