N@N

EGI Financial Reports 2010 Third Quarter Results and CEO Succession Plan

^{Published on 2010-11-08 05:40:27 - Market Wire}
 

 Q3 Financial Highlights ----------------------- - Total comprehensive income of $8.2 million from $7.9 million in the third quarter of 2009 - Net income of $0.8 million, compared to $2.3 million in the third quarter of 2009 - Net income per fully diluted share of $0.06, compared to $0.18 in the third quarter of 2009 - Direct written premiums increased by 9% over the third quarter of 2009 - Net earned premium of $42.1 million, compared to $35.9 million in the third quarter of 2009 - Investment income increased to $4.0 million from $3.4 million in the third quarter of 2009 - Book value per share increased to $11.69 during the quarter from $11.01 - Total fair value of the investment portfolio (including premium finance receivables) increased by 12% to $368.5 million during the quarter 

 Financial Summary ----------------- $000s 3-months 3-months 9-months 9-months (except ended ended ended ended per share Sept. 30, Sept. 30, % Sept. 30, Sept. 30, % amounts) 2010 2009 Change 2010 2009 Change ------------------------------------------------------------------------- Direct written premiums 48,636 44,455 9.4 148,617 124,558 19.3 Net earned premiums 42,149 35,881 17.5 120,752 112,940 6.9 Underwriting income (loss) (2,897) 284 (1,120) (11,885) 115 (10,435) Interest expense - 306 (100) 568 910 (37.6) Investment income 4,044 3,403 18.8 13,863 11,294 22.7 Net income 779 2,261 (65.5) 910 6,862 (86.7) Total comprehensive income 8,206 7,911 3.7 6,976 19,164 (63.6) Net income per diluted share 0.06 0.18 (66.7) 0.07 0.54 (87.0) Book value per share 11.69 11.62 0.6 11.69 11.62 0.6 Third Quarter Highlights ------------------------ 

 Operating Results ----------------- 3-months 3-months 9-months 9-months Underwriting ended ended ended ended Income (loss) Sept. 30, Sept. 30, Sept. 30, Sept. 30, $millions 2010 2009 2010 2009 ------------------------------------------------------------------------- Personal Lines $(2.6) $0.8 $(8.0) $3.8 Niche Products $0.3 $0.4 $(1.8) $0.2 International $(0.1) $(0.7) $(1.1) $(2.9) Corporate $(0.5) $(0.2) $(1.0) $(1.0) Total $(2.9) $0.3 $(11.9) $0.1 

 3-months 3-months 9-months 9-months ended ended ended ended Sept. 30, Sept. 30, Sept. 30, Sept. 30, Loss Ratio 2010 2009 2010 2009 ------------------------------------------------------------------------- Personal Lines 80.7% 67.1% 80.5% 66.2% Niche 55.9% 48.7% 66.6% 58.1% International N/A 133.8% N/A 113.1% 

 Nine Month Review ----------------- 

 CEO Succession -------------- 

 About EGI Financial ------------------- 

 Non-GAAP Financial Measures --------------------------- 

 Forward-looking Information --------------------------- 

 Conference Call ---------------