logo
Share SHARE
FONT-SIZE Plus   Neg

Meadowbrook Insurance Posts Loss

Meadowbrook Insurance Group Inc. (MIG) Tuesday reported fourth-quarter net loss of $12 million or $0.24 per share, compared with net income of $38 million or $0.76 per share last year.

Results for the recent quarter results included $0.06 per share of after-tax realized gains, compared with $0.76 per share last year.

Excluding items, operating loss for the quarter was $15 million or $0.30 per share, compared to with earnings of $47,000 or less than $0.01 per share a year ago.

Analysts polled by Thomson Reuters estimated earnings of $0.12 per share. Analysts' estimates typically exclude special items.

Total revenue for the quarter fell to $196.6 million from $300 million last year. Analysts expected revenue of $189.05 million.

The combined ratio was 124.6% for the quarter, compared with 104.5% in the prior year.

For 2014, the company still expects gross written premium to be between $775 million and $800 million and operating earnings to be between $25 million and $35 million or between $0.50 and $0.70 per share.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Editors Pick
Alphabet Inc., (GOOG, GOOGL), the parent company of Google, Thursday reported an increase in profit for the second quarter, driven mostly by increase in search and advertising revenues. Earnings and revenues for the quarter trumped Wall Street expectations, sending shares of the company up by 3 percent... Apple Inc. (AAPL) has announced that it recently sold its 1 billionth iPhone, about nine years after the first iPhone was launched. "iPhone has become one of the most important, world-changing and successful products in history. It's become more than a constant companion. iPhone is truly an essential... Fiat Chrysler Automobiles's US will focus on Jeep SUVs and Ram Pickups and plans to stop producing small passenger cars from early next year. The plan to stop Dart and Chrysler 200 production will be effective by first quarter of 2017. The new plans are expected to increase profit margins, as SUVs...
comments powered by Disqus
Follow RTT