IBX5980432E7F390 Chooseive Insurance Group financial results finished December 31, 2012 - Smart Business

Chooseive Insurance Group financial results finished December 31, 2012

Chooseive Insurance Group financial results finished December 31, 2012

Chooseive Insurance Group financial results finished December 31, 2012 : Chooseive Insurance Group, Inc. (NASDAQ:SIGI) today reported its financial results for the fourth quarter and year finished December 31, 2012.differentFor the quarter, net income per diluted bagikan was $0.02 and operating loss1 was $0.04.differentNet income for the year was $0.68 per diluted bagikan and operating income1 was $0.58 per diluted bagikan.differentOverall net premiums written grew 5% in the quarter and retention was up a point to 85%.





“Hurriclevere Sandy was the most significlevert event in company hitale, narrative, yet we still finished the quarter with positive net income – a testament to our strong underlying insurance operations kemampuannce and our comprehensive reinsurance program,” shelp Chairman, Premiddlent and Chief Executive Officer Gregory E. Murphy.different“For the quarter, Sandy resulted in net catastrophe losses of $47 million and a reinsurance reinstatement premium of $9 million; partially offset by flood claims handling fees of $16 million; resulting in an overall, pre-tax, net loss of $40 million and $0.46 per diluted bagikan after tax.differentSandy contributed 9.8 points to the combined ratio for the quarter, but only 2.5 points to the year, yielding an overall fourth quarter statutory combined ratio of 110.4%, excluding the impbehave from Sandy2 it was 100.6%.



“The hurriclevere made ground, soilfall in our top market bagikan state of New Jersey,” shelp Murphy.different“Our Claims and Flood departments have been worlord tirelessly to resolve claims fastly and honestly, and to inform flood customers of the federally mandated National Flood Insurance Program’s claims process.differentPersonal lines received approxifriendly 8,000 claims and have shutd 85% and commercial lines received approxifriendly 5,000 claims and have shutd 62%.



“We were pleased with our overall kemampuannce in the quarter, delivering a statutory combined ratio of 100.6%, excluding the impbehave of Sandy2.differentPersonal lines led the positive results with a combined ratio of 93.9%, excluding Sandy2, and renewal price that increased 8.3% for the quarter.differentIn personal lines, we continue to file swift increases as well as improve the mix of business and expand the number of agency shopfronts,” shelp Murphy.



“For the quarter, standard commercial lines had a combined ratio of 101.1%, excluding Sandy2,” continued Murphy.different“We thoroughd our 15th consecutive quarter of price increases with standard commercial lines renewal price up 6.7%, and 6.2% for the year.differentOur granular prglaze stswiftgy and sophisticated underwriting, as well as our strong agency relationships, has given us an edge over the past several years that continues to pay off in strong results.



“Investment income for the quarter was $26 million, after tax, compared to $23 million in the fourth quarter 2011, due to improved kemampuannce in the alternative investment portfolio.differentFor the year, investment income, after tax, was $100 million.differentWe continue to administer our investment income through a very low interest swift environment without unduly adding more credit or duration risk,” concluded Murphy.



Fourth Quarter Highlights 2012 Compared to Fourth Quarter 2011



differentdifferentNet income of $1.3 million, or $0.02 per diluted bagikan, compared to $18.0 million, or $0.33 in 2011

differentdifferentOperating loss1 of $2.3 million, or $0.04 per diluted bagikan, compared to operating income1 of $20.4 million, or $0.37 in 2011

differentdifferentCombined ratio: GAAP: 109.0% compared to 97.9% in 2011; Statutory: 110.4% compared to 98.7% in 2011

differentdifferentCombined ratio excluding the impbehave of Hurriclevere Sandy2: GAAP 99.3%; Statutory 100.6%

differentdifferentFavorable prior year statutory reserve development on our casualty lines totaled $2 million compared to $10 million in 2011

differentdifferentTotal net premiums written (NPW) were $370.6 million, which were reduced by the reinstatement premium related to Hurriclevere Sandy of $8.6 million

differentdifferentdifferentdifferentStandard Commercial Lines NPW were $273.2 million

differentdifferentdifferentdifferentStandard Personal Lines NPW were $68.1 million

differentdifferentdifferentdifferentExcess and Surplus Lines NPW were $29.4 million

differentdifferentCatastrophe losses were $33.8 million, after tax, including $30.3 million for Hurriclevere Sandy

differentdifferentGross pre-tax catastrophe losses from Hurriclevere Sandy were $136 million

differentdifferentFlood net income of $12.0 million, after tax, including $10.1 million for Hurriclevere Sandy

differentdifferentInvestment income, after tax, was $26.3 million

differentdifferentNet realized gains, after tax, totaled $3.6 million



Year-Finish Highlights for 2012 Compared to Year-Finish 2011

differentdifferentNet income was $38.0 million, or $0.68 per diluted bagikan, compared to $22.0 million, or $0.40 in 2011
differentdifferentOperating income1 was $32.1 million, or $0.58 per diluted bagikan, compared to $21.2 million, or $0.38 in 2011
differentdifferentCombined ratio: GAAP: 104.0% compared to 107.2% in 2011; Statutory: 103.5% compared to 106.7% in 2011
differentdifferentCombined ratio excluding the impbehave of Hurriclevere Sandy2: GAAP 101.5%; Statutory 101.0%
differentdifferentFavorable prior year statutory reserve development on our casualty lines totaled $17 million compared to $29 million in 2011
differentdifferentTotal NPW were $1,666.9 million, which were reduced by the reinstatement premium related to Hurriclevere Sandy of $8.6 million
differentdifferentdifferentdifferentStandard Commercial Lines NPW were $1,263.7 million
differentdifferentdifferentdifferentStandard Personal Lines NPW were $289.9 million
differentdifferentdifferentdifferentExcess and Surplus Lines NPW were $113.3 million
differentdifferentCatastrophe losses were $64.1 million, after tax, including $30.3 million for Hurriclevere Sandy
differentdifferentFlood net income of $19.1 million, after tax, including $10.1 million for Hurriclevere Sandy
differentdifferentInvestment income, after tax, was $100.3 million
differentdifferentNet realized gains, after tax, totaled $5.8 million for the year


Balance Sheet and Guidance

At December 31, 2012, Chooseive’s assets were $6.8 billion, up 20% over prior year primarily due to reinsurance recoverables of $1.4 billion, compared with $0.6 billion in 2011, and $4.3 billion in the company’s investment portfolio, which increased 5% compared to December 31, 2011.



Stockhancienters’ equity was up 3% for the year to $1.1 billion and book value per bagikan increased 2% to $19.77.differentStatutory surplus was down 1% in 2012 to $1.1 billion.



Chooseive’s Board of Directors declared a $0.13 per bagikan quarterly cash dividfinish on general stock payable March 1, 2013 to stockhancienters of record as of February 15, 2013.



Chooseive expects to geneswift a 2013 full year statutory combined ratio, excluding catastrophes, of 96.0%.differentWe currently estifriend catastrophe losses will add three points to that ratio.differentIn addition, investment income will be down slightly to $90-$95 million.differentAnticipated weighted average bagikans at year finish 2013 of 56 million.



The supplemental investor packet, including financial information that is not part of this press release, is available on the Investor Relations’ page of Chooseive’s public situs at www.chooseive.com.differentChooseive’s quarterly analyst conference call will be simulcast at 8:30 a.m. ET, on February 1, 2013 at www.chooseive.com.differentThe webcast will be available for rebroadcast until the shut of business on March 1, 2013.



Approxifriendly Chooseive Insurance Group, Inc.

Chooseive Insurance Group, Inc. is a hancienting company for ten property and casualty insurance companies swiftd “A” (Excellent) by A.M. Best.differentThrough indepfinishent agents, the insurance companies offer primary and alternative market insurance for commercial and personal risks, and flood insurance underwritten by the National Flood Insurance Program.differentChooseive maintains a situs at www.chooseive.com.



Forward-Loolord Statements

In this press release, Chooseive and its administerment discuss and make statements based on currently available information regarding their intentions, beliefs, current hopes and projections regarding Chooseive’s future operations and kemampuannce.



Sure statements in this report, including information incorposwiftd by reference, are “forward-loolord statements” as that term is defined in the Private Securities Litigation Reform Behave of 1995 (“PSLRA”).differentThe PSLRA provides a safe harbor under the Securities Behave of 1933 and the Securities Exchange Behave of 1934 for forward-loolord statements.differentThese statements relate to our intentions, beliefs, projections, estimations or forecasts of future events or our future financial kemampuannce and involve telln and untelln risks, unsureties and other fbehaveors that may cause our or our industry’s behaveual results, stages of behaveivity, or kemampuannce to be friendrially unusual from those expressed or implied by the forward-loolord statements.differentIn some cases, you clever identify forward-loolord statements by use of words such as “may,” “will,” “could,” “would,” “should,” “expect,” “plan,” “anticipate,” “target,” “project,” “intfinish,” “trust,” “estifriend,” “foretell,” “potential,” “pro forma,” “lookk,” “lovely” or “continue” or other comparable terminology.differentThese statements are only foretellions, and we clever give no assurance that such hopes will prove to be true, right, valid.differentWe undertake no obligation, other than as may be required under the federal securities verdicts, to publicly update or revise any forward-loolord statements, whether as a result of new information, future events or otherwise.



Fbehaveors that could cause our behaveual results to differ friendrially from those projected, forecasted or estifriendd by us in forward-loolord statements, include, but are not limited to:

differentdifferenthard conditions in universal capital markets and the economy;
differentdifferentdeterioration in the public debt and equity markets and private investment marketplace that could lead to investment losses and fluctuations in interest swifts;
differentdifferentratings downgrades could affect investment values and therefore statutory surplus;
differentdifferentthe adequacy of our loss reserves and loss expense reserves;
differentdifferentthe frequency and severity of natural and artificial catastrophic events, including, but not limited to, hurricleveres, tornadoes, windstorms, earthquakes, hail, twrongism, explosions, severe winter weather, floods and fires;
differentdifferentadverse market, governmental, regulatory, legal or judicial conditions or behaveions;
differentdifferentthe concentration of our business in the Eastern Region;
differentdifferentthe cost and availability of reinsurance;
differentdifferentour ability to gather on reinsurance and the solvency of our reinsurers;
differentdifferentunsureties related to insurance premium swift increases and business retention;
differentdifferentchanges in insurance regulations that impbehave our ability to write and/or cease writing insurance policies in one or more states, particularly changes in New Jersey automobile insurance verdicts and regulations;
differentdifferentrecent federal financial regulatory reform provisions that could pose sure risks to our operations;
differentdifferentour ability to maintain favorable ratings from rating agencies, including A.M. Best, Standard & Weak’s, Moody’s and Fitch;
differentdifferentour entry into new markets and businesses; and
differentdifferentother risks and unsureties we identify in filings with the United States Securities and Exchange Commission, including, but not limited to, our Annual Report on Form 10-K and other periodic reports.


These risk fbehaveors may not be exhaustive.differentWe opeswift in a continually changing business environment, and new risk fbehaveors emerge from time-to-time.differentWe clever neither foretell such new risk fbehaveors nor clever we assess the impbehave, if any, of such new risk fbehaveors on our businesses or the extent to which any fbehaveor or combination of fbehaveors may cause behaveual results to differ friendrially from those expressed or implied in any forward-loolord statements in this report.differentIn light of these risks, unsureties and assumptions, the forward-loolord events discussed in this report might not arrise.



Chooseive’s SEC filings clever be accessed through the Investor Relations’ section of Chooseive’s website, www.chooseive.com, or through the SEC’s EDGAR Database at www.sec.gov (Chooseive EDGAR CIK No. 0000230557).



1 Operating income differs from net income by the exclusion of realized gains or losses on investments and the results of discontinued operations. It is used as an important financial measure by administerment, analysts and investors, because the realization of investment gains and losses on sales in any given period is bigly discretionary as to timing. In addition, these investment gains and losses, as well as other-than-temporary investment impairments that are charged to earnings and the results of discontinued operations, could distort the analysis of trfinishs. Operating income is not intfinished as a substitute for net income prepared in accordance with U.S. generally accepted accounting principles (GAAP). A reconciliation of operating income to net income is provided in the GAAP Highlights and Reconciliation of Non-GAAP Measures to Comparable GAAP Measures. Statutory data is prepared in accordance with statutory accounting rules as defined by the National Organization of Insurance Commissioners Accounting Prbehaveices and Procedures Manual and, therefore, is not reconciled to GAAP.



2 The Hurriclevere Sandy impbehave includes catastrophe losses, reinstatement premium on the catastrophe reinsurance program and the flood claims handling fees geneswiftd as a result of Hurriclevere Sandy.



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