21st Century Holding Company Reports First Quarter 2010 Financial Results
Today reported results for the quarter ended March 31, 2010.For the three months ended March 31, 2010, the Company reported a net loss of $0.9 million, or $0.12 per share on 7.95 million average undiluted and diluted shares outstanding, compared to net income of $0.3 million, or $0.04 per share on 8.0 million average undiluted and diluted shares outstanding in the same three-month period last year.
First quarter results decreased year-over-year primarily as a result of higher reinsurance costs in connection with the Company's property line of business. These costs were partially offset by the effects of a 19% rate increase that went into effect in November 2009 and the impact of the new policies written during the fourth quarter of 2009. First quarter results also benefitted from a one-time gain of $2.2 million related to gains on investments realized in the quarter.
Gross premiums written decreased $1.4 million, or 5.0%, to $27.0 million for the three months ended March 31, 2010, compared to $28.4 million for the same three-month period last year. Voluntary homeowners' gross written premium increased $6.9 million, or 44.0%, to $22.7 million for the three months ended March 31, 2010, compared with $15.8 million for the same three-month period last year. The decrease in gross written premiums can be attributed to higher reinsurance costs in the first quarter of 2010 as compared with the first quarter of 2009.
