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Verizon Communications Inc. Message Board

generalstv 1 post  |  Last Activity: Nov 4, 2015 5:10 PM Member since: Mar 29, 2002
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  • Third Quarter Highlights

    -- 72% increase in gross premiums written in Q3 2015 as compared to Q3 2014

    -- 48% increase in net premiums earned in Q3 2015 as compared to Q3 2014

    -- 40% increase in policy count compared to Q3 2014

    -- Net income of $16.8 million for Q3 2015, an increase of 69% as compared to Q3 2014

    -- Combined ratio of 83.8% for the quarter, and 73.2% YTD

    -- Shareholders equity increased 44% compared to Q3 2014

    -- Return on average equity of 32.8% YTD

    -- Announced agreement to acquire Zephyr Insurance Company; completed acquisition of BRC Restoration Specialists

    Bruce Lucas, the Company's Chairman and CEO, said, "We posted another solid quarter as both gross written premiums and net income increased approximately 70 percent in the third quarter versus one year ago. We received licenses in North Carolina and South Carolina, and have applications pending in Massachusetts, Rhode Island, Georgia, Alabama and Mississippi. We also signed a purchase agreement to acquire Zephyr Insurance, which provides us with an immediate presence in Hawaii. During the quarter, our policy assumptions from Citizens Insurance were significantly higher than prior projections and totaled approximately 26,000 policies and $55 million in annualized premium. Our voluntary personal lines production was strong and produced approximately 5,600 policies. Likewise, our commercial residential production once again exceeded our internal expectations, and that trend continued in October and resulted in record production levels for the month. The prospects for our company are exciting as we close out the year and move into 2016. Finally, attractive opportunities in M&A remain and we will look for businesses that are complementary to our core business."

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