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EGI Financial Reports 2010 First Quarter Results

^{Published on 2010-05-07 05:40:31 - Market Wire}
 

 Q1 Financial Highlights ----------------------- - Net loss after taxes of $1.8 million, compared to $0.2 million in the first quarter of 2009 - Net loss per fully diluted share of $0.14, compared to $0.02 in the first quarter of 2009 - Direct written premiums increased by 39% over the first quarter of 2009 - Net earned premium of $38.2 million, compared to $41.6 million in the first quarter of 2009 - Investment income increased to $3.7 million from $1.9 million in the first quarter of 2009 - Book value per share increased to $11.14 from $10.21 at the end of the first quarter 2009 - Total fair value of investment portfolio increased to $336 million from $321 million as at December 31, 2009 

 Financial Summary ----------------- $000s (except per 3-months ended 3-months ended % share amounts) March 31, 2010 March 31, 2009 Change ------------------------------------------------------------------------- Direct written premiums 43,990 31,616 39.1 Net written premiums 38,216 29,058 31.5 Net earned premiums 38, 224 41,573 (8.1) Underwriting loss (5,810) (1,872) (210.4) Investment income 3,684 1,874 96.6 Net loss (1,770) (230) (670.0) Net loss per diluted share (0.14) (0.02) (600) Book value per share 11.14 10.21 9.1 First Quarter Highlights ------------------------ 

 Operating Results ----------------- Underwriting Income 3-months ended 3-months ended $millions March 31, 2010 March 31, 2009 ------------------------------------------------------------------------- Personal Lines $(4.0) $0.4 Niche $(1.3) $(1.3) International and Corporate $(0.5) $(1.0) Total $(5.8) $(1.9) 

 3-months ended 3-months ended Loss Ratio March 31, 2010 March 31, 2009 ------------------------------------------------------------------------- Personal Lines 87.4% 70.1% Niche 73.9% 71.1% International - 91.6% 

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