logo
Share SHARE
FONT-SIZE Plus   Neg

Meadowbrook Insurance Posts Loss

Meadowbrook Insurance Group Inc. (MIG: Quote) 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
US Steel Corp. (X) Tuesday said it will "adjust operations" and temporarily idle a part of its Minntac plant in Mt. Iron, Minnesota, effective June 1. According to reports, the move would see about 700 employees laid off. The company said the decision was due to its current inventory levels and ongoing... Hewlett-Packard Co. (HPQ) has filed a lawsuit against Michael Lynch, the co-founder of Autonomy Corp., and its former Financial Chief Sushovan Hussain for a whopping $5.1 billion alleging that the executives misrepresented the financial situation of Autonomy. An HP's spokeswoman confirmed that the... Nine acres of green grass with 400 trees and a half-mile-long walk way. We are not talking about any park, but the expansive rooftop of Facebook's new office. The 430,000 square feet office is a single room and it might be the largest open floor plan in the world.
comments powered by Disqus
RELATED NEWS
Trade MIG now with 
Follow RTT