CRM Holdings, Ltd. ("CRM" or “the Company”) (Nasdaq: CRMH), a
specialty provider of workers' compensation insurance products,
announced results for the fourth quarter and year ended December
31, 2009.
Three Months Ended December 31, 2009
In the fourth quarter of 2009, the Company incurred a net loss
from continuing operations of $19.0 million, or $(1.13) per diluted
share. In the same quarter of the prior year, the Company incurred
a net loss from continuing operations of $6.2 million, or $(0.38)
per diluted share. Unless otherwise stated, all further results
discussed in this release refer to continuing operations for 2009
and results on a comparable basis for 2008.
Total revenues in the fourth quarter of 2009 were $27.2 million,
compared to $30.3 million in the same quarter of the prior year.
Underwriting actions taken on business written by Majestic
Insurance Company (“Majestic”), the Company’s primary insurance
provider, in the states of New York and New Jersey, reduced net
earned premiums by $3.0 million. Decreases in the Company’s net
earned premiums and fee-based management services were offset by
increases in investment income. Investment income during the
quarter increased to $6.7 million from $4.6 million in the fourth
quarter of 2008, as the Company realized gains on its portfolio of
fixed income securities. Excluding the benefits of realized capital
gains in both periods, interest income earned was $2.3 million in
the fourth quarter of 2009, compared to $3.0 million in the same
quarter a year ago, a reflection of lower prevailing interest rates
in 2009.
Total underwriting expenses for the fourth quarter increased to
$33.2 million from $28.2 million a year ago. This increase
primarily resulted from higher current year loss and loss
adjustment expenses at Majestic on policies underwritten in
California, where paid and incurred losses recorded in the first
three quarters of 2009 developed worse than expected. For the
fourth quarter of 2009, the Company’s overall loss ratio was
151.7%, compared to 101.6% for the fourth quarter of 2008.
Operating expenses of $11.5 million compared to $9.0 million in
the same quarter last year. This increase was due to a goodwill
impairment charge of $2.7 million related to the full write down of
goodwill resulting from the Company’s acquisition of Majestic in
November 2006. For the fourth quarter of 2009, the Company’s
overall combined ratio was 206.7%, compared to an overall combined
ratio of 141.0% for the fourth quarter of 2008.
Primary Insurance
During the quarter, Majestic experienced a decline in revenues
compared to the same quarter of 2008. Net earned premiums for the
quarter ended December 31, 2009, were $17.2 million, compared to
$20.4 million in the same quarter a year ago, largely as a result
of underwriting actions taken on Majestic business underwritten in
New York and New Jersey. While Majestic experienced lower volumes
in the number of policies written in its major market of California
during the fourth quarter of 2009, this decrease was offset by
slightly higher pricing of policies underwritten. Despite declining
payroll and deliberate underwriting actions, Majestic’s submissions
and premium written remained strong through the end of 2009.
In-force premiums from primary insurance policies at Majestic were
$146.9 million at December 31, 2009, compared with $157.2 million
at the same time last year.
Majestic’s loss ratio for the 2009 fourth quarter was 156.8%,
compared to 93.7% for the fourth quarter of 2008. This increase
resulted from a higher current accident year loss ratio as
described above and $1.6 million of prior year unfavorable loss
reserve development.
Majestic’s underwriting loss was $19.6 million for the fourth
quarter of 2009, compared to an underwriting loss of $7.0 million
in the same quarter in the prior year. This increase was
principally due to the current year loss and loss adjustment
expenses and the write off of goodwill. Majestic’s combined ratio
for the quarter was 214.6%, compared to 134.1% a year ago.
Reinsurance
The Company’s reinsurance segment, Twin Bridges, generated $2.3
million of net earned premiums in the fourth quarter of 2009, down
from $3.5 million in the fourth quarter of the prior year. The
reduction was principally due to a decrease in the volume of
reinsurance premiums assumed from Majestic. Twin Bridges’ loss
ratio was 114.6% for the fourth quarter of 2009, compared to 148.0%
in the fourth quarter of 2008. This decrease resulted from Twin
Bridges recognizing less unfavorable development in 2009 as
compared to 2008. The underwriting loss of $1.2 million for the
quarter was an improvement over the underwriting loss of $2.8
million in the fourth quarter of 2008. Twin Bridges’ combined ratio
for the quarter was 149.2%, compared to 182.0% a year ago.
Fee-based Business
Fee-based management services revenues were $1.1 million for the
fourth quarter of 2009, compared to $1.9 million in the fourth
quarter of 2008. The reduction reflected a decline in insured
payroll in the self-insured groups under management and a reduction
of the number of groups from 4 in the fourth quarter of 2008 to 2
in the fourth quarter of 2009. Effective January 1, 2010, the
Contractors Access Program self-insured group terminated active
operations and the Company has one self-insured group under
management. The fee-based management services operations produced
operating income of $161 thousand, compared to operating income of
$241 thousand in the same quarter of 2008.
Twelve Months Ended December 31, 2009
For the year ended December 31, 2009, the Company’s net loss
from continuing operations was $45.0 million, or $(2.68) per
diluted share, compared to net income from continuing operations of
$2.0 million, or $0.12 per diluted share in 2008. Total revenues
for the year declined to $101.5 million from $143.2 million in
2008.
The major factors contributing to the swing in profits were the
establishment of a tax valuation allowance, a decrease in net
earned premiums, which includes the reinstatement premiums incurred
in the third quarter of 2009, an increased current accident year
loss ratio, favorable loss reserve development in 2008 as compared
to unfavorable development in 2009, the write-off of the goodwill,
and severance expense related to the former co-CEOs incurred in the
first quarter of 2009.
Investment Portfolio
At December 31, 2009, the Company had no exposure to equities,
collateralized debt obligations or collateralized mortgage
obligations. The overall credit rating of Majestic’s fixed income
portfolio was AA+. The following tables illustrate Majestic’s
investment portfolio distribution by sector and average credit
rating.
Portfolio Distribution by Sector
Portfolio Distribution by Credit Rating
12/31/2009 12/31/2008
Average Average % of Credit % of
Credit Quality 12/31/2009 12/31/2008
Portfolio Rating Portfolio Rating AAA
46.9 % 58.7 % Government 21.1 % AAA 17.1 % AAA AA 25.3 % 23.3 %
Agency 5.1 % AAA 7.4 % AAA A 26.1 % 14.7 % Corporate 30.0 % A 16.5
% A BBB 1.4 % 3.3 % Mortgage backed securities 17.4 % AAA 20.4 %
AAA Below BBB 0.3 % 0.0 % Asset backed securities 3.4 % AA+ 2.8 %
AAA 100.0 % 100.0 % Municipal 23.0 %
AA 35.8 % AA
Total 100.0 % AA+ 100.0 %
AA+ Average credit rating AA+ AA+
The effective portfolio duration was 3.5 years, and the average
portfolio yield was 3.3%.
Conference Call
The Company will host a conference call at 9:00 a.m. ET on
Thursday, March 4, 2010, to discuss earnings for the fourth quarter
ended December 31, 2009. To participate in the event by telephone,
please dial 877-303-2905 five to 10 minutes prior to the start time
(to allow time for registration) and reference passcode 58681153.
International callers should dial 408-427-3868. The conference call
will be broadcast live over the Internet and can be accessed by all
interested parties at CRM’s Web site at
http://www.CRMHoldingsLtd.bm/events.cfm. To listen to the call
please go to this Web site at least 15 minutes prior to the start
of the call to register, download, and install any necessary audio
software. For those unable to participate during the live webcast,
an audio replay of the conference call will be archived for 90 days
on CRM’s Web site at http://www.CRMHoldingsLtd.bm/events.cfm. A
digital replay of the call will also be available on Thursday,
March 4, at approximately 11:00 a.m. ET through Wednesday, March 10
at midnight ET. Dial 800-642-1687 and enter the conference ID
number 58681153. International callers should dial 706-645-9291 and
enter the same conference ID number.
About CRM Holdings, Ltd.
CRM Holdings, Ltd. is a specialty provider of workers’
compensation insurance products. Through its subsidiaries, CRM
Holdings offers workers’ compensation insurance coverage,
reinsurance, and fee-based management services for self-insured
entities. The Company seeks to provide quality products and
services that fit the needs of its insureds and clients and is
dedicated to developing and maintaining a mutually beneficial,
long-term relationship with them. The Company’s workers’
compensation insurance coverage is offered to employers in
California, New York, New Jersey, Arizona, Nevada, and other
states. The Company's reinsurance is underwritten from Bermuda, and
the fee-based management services are provided to self-insured
entities in California. Further information can be found on the
Company’s website at http://www.CRMHoldingsLtd.bm.
CRMH-E
Forward-Looking statements
This press release contains forward-looking statements within
the meaning of federal securities law, including statements
concerning plans, objectives, goals, strategies, projections of
future events or performance and underlying assumptions (many of
which are based, in turn, upon further assumptions). These
statements are based on our current expectations and projections
about future events and are identified by terminology such as
“may,” “will,” “should,” “expect,” “scheduled,” “plan,” “seek,”
“intend,” “anticipate,” “believe,” “estimate,” “aim,” “potential,”
or “continue” or the negative of those terms or other comparable
terminology.
All forward-looking statements involve risks and uncertainties.
Although the Company believes that its plans, intentions and
expectations are reasonable, the Company may not achieve such
plans, intentions or expectations. There are or may be important
factors that could cause actual results to differ materially from
the forward-looking statements the Company makes in this document.
Such risks and uncertainties are discussed in the Company's Form
10-K for the year ended December 31, 2008 and in other documents
filed by the Company with the Securities and Exchange Commission.
The Company believes that these factors include, but are not
limited to the following:
- The cyclical nature of the
insurance and reinsurance industry;
- Premium rates;
- Investment results;
- Legislative and regulatory
changes;
- The estimation of loss reserves
and loss reserve development;
- Reinsurance may be unavailable
on acceptable terms, and we may be unable to collect
reinsurance;
- The occurrence and effects of
wars and acts of terrorism;
- The effects of competition;
- The possibility that the outcome
of any litigation, arbitration or regulatory proceeding is
unfavorable;
- Failure to retain key
personnel;
- Economic downturns; and
- Natural disasters.
These risks and others could cause actual results to differ
materially from those expressed in any forward-looking statements
made. The Company undertakes no obligation to update publicly or
revise any forward-looking statements made.
Table 1 CRM Holdings, Ltd.
Consolidated Balance Sheets
December 31,
December 31,
2009
2008
(Dollars in thousands)
Assets Investments Fixed-maturity
securities, available-for-sale (amortized cost $275,480 and
$308,607) $ 276,593 $ 313,622 Short-term investments 4,893 113
Investment in unconsolidated subsidiary 1,083
1,083 Total investments 282,569 314,818 Cash
and cash equivalents 44,087 28,044 Restricted cash and cash
equivalents 5,922 2,000
Total cash and cash equivalents 50,009 30,044 Accrued interest
receivable 2,542 3,184 Premiums receivable, net 6,246 11,935
Reinsurance recoverable and prepaid reinsurance 123,767 63,801
Accounts receivable, net 3,178 3,099 Deferred policy acquisition
costs 758 1,084 Current income taxes, net 6,979 3,208 Deferred
income taxes, net - 7,809 Goodwill and other intangible assets, net
436 3,252 Prepaid expenses 3,675 1,836 Other assets
2,788 3,330
Total assets $ 482,947
$ 447,400
Liabilities and shareholders' equity Reserve for losses and
loss adjustment expenses $ 317,497 $ 245,618 Reinsurance payable
20,357 9,424 Unearned premiums 10,599 13,090 Long-term debt 44,083
44,083 Other liabilities 29,677
26,325
Total liabilities
422,213
338,540 Common shares
Authorized 50 billion shares;
$0.01 par value per share; 16.5 and 16.2 million common shares
issued and outstanding
165 162 0.4 million Class B shares issued and outstanding 4 4
Additional paid-in capital 71,057 69,743 Retained (deficit)
earnings (11,215 ) 35,619 Accumulated other comprehensive income
723
3,332 Total shareholders' equity 60,734
108,860
Total liabilities and
shareholders' equity $
482,947 $ 447,400
Table 2 CRM Holdings, Ltd.
Consolidated Statements of Operations
Three Months
EndedDecember 31,
Years EndedDecember
31,
2009 2008
2009 2008 (Dollars
in thousands, except per share amounts)
Revenues Net
premiums earned $ 19,491 $ 23,902 $ 80,524
$
121,942
Fee-based management services 1,014 1,732 4,651 7,329 Investment
income 6,724
4,628 16,286
13,900 Total revenues
27,229 30,262
101,461
143,171
Expenses Losses and loss adjustment
expenses 29,572 24,277 81,654 85,506 Policy acquisition costs 3,601
3,950 15,240 19,153 Fees paid to general agents and brokers 342 510
1,939 3,983 Selling, general and administrative expenses 11,126
8,536 39,628 30,725 Interest expense
1,060 920
3,798 3,718 Total
expenses 45,701
38,193 142,259
143,085 (Loss) income from
continuing operations before income taxes (18,472 ) (7,931 )
(40,798 ) 86 Tax provision (benefit) from continuing operations
572 (1,684
) 4,186
(1,937 )
(Loss) income from continuing operations
(19,044 )
(6,247 ) (44,984
) 2,023
Discontinued operations (Loss) income from discontinued
operations before income taxes (330 ) 648 (1,807 ) (5,360 ) Tax
(benefit) provision from discontinued operations
(306 ) 156
43 (1,841 )
(Loss)
income from discontinued operations
(24 ) 492
(1,850 )
(3,519 ) Net Loss
$ (19,068 ) $
(5,755 ) $ (46,834
) $ (1,496 )
(Loss) earnings per share from continuing operations Basic
$
(1.13
)
$
(0.38
)
$
(2.68
)
$ 0.12 Diluted
$
(1.13
)
$
(0.38
)
$
(2.68
)
$ 0.12 Earnings (loss) per share from discontinued operations Basic
$ 0.00 $ 0.03
$
(0.11
)
$
(0.21
)
Diluted $ 0.00 $ 0.03
$
(0.11
)
$
(0.21
)
Net loss per share Basic
$
(1.13
)
$
(0.35
)
$
(2.79
)
$
(0.09
)
Diluted
$
(1.13
)
$
(0.35
)
$
(2.79
)
$
(0.09
)
Weighted average shares outstanding Basic 16,868 16,491 16,780
16,441 Diluted 16,868 16,491 16,780 16,441
Table 3 CRM Holdings,
Ltd. Unaudited Consolidated Statements of Cash Flow
Years Ended December 31,
2009
2008 (Dollars in thousands)
CASH FLOWS FROM OPERATING
ACTIVITIES Net loss $ (46,834 ) $ (1,496 )
Adjustments to reconcile net loss
to net cash (used in) provided by operating activities:
Depreciation and amortization 778 1,635 Amortization of unearned
compensation, restricted stock 1,260 1,420 Amortization of premiums
and discounts on available-for-sale investments 1,604 686 Net
realized gains on sale of available-for-sale investments (6,254 )
(3,687 ) Other-than-temporary impairment losses on
available-for-sale investments 30 762 Impairment of goodwill and
other intangible assets 2,661 196 Write off of uncollectible
premiums receivable 1,625 1,346 Deferred income taxes 9,103 (913 )
Changes in: Accrued interest receivable 642 (418 ) Premiums
receivable, net 4,064 611 Reinsurance recoverable and prepaid
reinsurance (59,966 ) (25,217 ) Accounts receivable, net (41 )
1,842 Deferred policy acquisition costs 326 (461 ) Current income
taxes, net (3,771 ) (3,483 ) Prepaid expenses (1,880 ) 324 Other
assets 49 117 Reserve for losses and loss adjustment expenses
71,879 56,770 Reinsurance payable 10,933 3,683 Unearned premiums
(2,491 ) 4,237 Other liabilities 3,355
1,650 Net cash (used in)
provided by operating activities
(12,928 ) 39,604
CASH
FLOWS FROM INVESTING ACTIVITIES Purchases of available-for-sale
investments (473,901 ) (297,371 ) Proceeds from sales of
available-for-sale investments 209,831 183,144 Proceeds from
maturities of available-for-sale investments 301,815 70,030 Net
purchases, sales and maturities of short-term investments (4,780 )
673 (Increase) decrease in receivable for securities sold (38 ) 60
Increase in payable for investments purchased - (123 ) Acquisition
of intangible assets - (102 ) Purchases of fixed assets (142 ) (908
) Disposals of fixed assets 51
619 Net cash provided by (used
in) investing activities 32,836
(43,978 )
CASH FLOWS FROM
FINANCING ACTIVITIES Change in restricted cash and cash
equivalents (3,922 ) (2,000 ) Repayments under long-term debt - (1
) Issuance of common shares - shared-based compensation 75 190
Retirement of common shares - share-based compensation
(18 ) (57 ) Net
cash used in financing activities
(3,865 ) (1,868 ) Net increase
(decrease) in cash 16,043 (6,242 ) Cash and cash equivalents
Beginning 28,044
34,286
Ending
$ 44,087 $
28,044
Table 4 CRM Holdings, Ltd. Quarter to Date
Income by Segments For the three months ended
December 31, 2009
PrimaryInsurance
Reinsurance
Fee-BasedManagementServices
CorporateandOther
Elimina-tions
Total
(Dollars in thousands)
Revenues: Net premiums earned $
17,153 $ 2,338 $ - $ - $ - $ 19,491 Fee-based management services -
- 1,140 - (126 ) 1,014 Net investment income 2,280 341 (3 ) 19 (335
) 2,302 Net realized gains 4,422
- -
- -
4,422 Total revenues
23,855 2,679
1,137 19
(461 ) 27,229
Expenses:
Underwriting expenses 29,980 3,319 - - (126 ) 33,173 Operating
expenses 6,822 169 976 3,501 - 11,468 Interest expense
519 -
- 876
(335 ) 1,060 Total
expenses 37,321
3,488 976
4,377 (461 )
45,701
(Loss) income from continuing
operations before taxes
$ (13,466 )
$ (809 ) $ 161
$ (4,358 )
$ - $ (18,472
)
Total assets
$ 486,790 $ 56,566
$ 4,086
$ 271,259 $
(339,302 ) $ 479,399
For the three months ended December 31,
2008
Primary
Insurance
Reinsurance
Fee-BasedManagementServices
CorporateandOther
Elimina-tions
Total
(Dollars in thousands)
Revenues: Net premiums earned $
20,433 $ 3,469 $ - $ - $ - $ 23,902 Fee-based management services -
- 1,910 - (178 ) 1,732 Net investment income 2,829 517 (2 ) 28 (350
) 3,022 Net realized gains 1,606
- -
- -
1,606 Total revenues
24,868 3,986
1,908 28
(528 ) 30,262
Expenses:
Underwriting expenses 22,381 6,024 - - (178 ) 28,227 Operating
expenses 5,013 290 1,667 2,078 - 9,048 Interest expense
350 -
- 918
(350 ) 918 Total
expenses 27,744
6,314 1,667
2,996 (528 )
38,193
(Loss) income from continuing
operations before taxes
$ (2,876 )
$ (2,328 ) $ 241
$ (2,968 )
$ - $ (7,931
)
Total assets
$ 434,473 $ 60,962
$ 4,807
$ 305,461 $
(362,289 ) $ 443,414
Table 4
CRM Holdings, Ltd. Year to Date Income by
Segments For the year ended December 31, 2009
PrimaryInsurance
Reinsurance
Fee-BasedManagementServices
CorporateandOther
Elimina-tions
Total
(Dollars in thousands)
Revenues: Net premiums earned $
70,396 $ 10,128 $ - $ - $ - $ 80,524 Fee-based management services
- - 5,128 - (477 ) 4,651 Net investment income 9,765 1,445 (17 ) 85
(1,216 ) 10,062 Net realized gains
6,194 30 -
- -
6,224 Total revenues
86,355 11,603
5,111 85
(1,693 ) 101,461
Expenses: Underwriting expenses 86,659 10,712 - - (477 )
96,894 Operating expenses 19,831 876 5,018 15,842 - 41,567 Interest
expense 1,474
- - 3,540
(1,216 ) 3,798
Total expenses 107,964
11,588 5,018
19,382 (1,693 )
142,259
(Loss) income from continuing
operations before taxes
$ (21,609 )
$ 15 $ 93
$ (19,297 ) $
- $ (40,798 )
Total assets $
486,790 $ 56,566
$ 4,086 $
271,259 $ (339,302
) $ 479,399
For the year ended December 31, 2008
PrimaryInsurance
Reinsurance
Fee-BasedManagementServices
CorporateandOther
Elimina-tions
Total
(Dollars in thousands)
Revenues: Net premiums earned $
93,337 $ 28,605 $ - $ - $ - $ 121,942 Fee-based management services
- - 8,216 - (887 ) 7,329 Net investment income 9,738 2,080 (6 ) 211
(1,047 ) 10,976 Net realized gains
2,900 24 -
- -
2,924 Total revenues
105,975 30,709
8,210 211
(1,934 ) 143,171
Expenses: Underwriting expenses 81,006 24,540 - - (887 )
104,659 Operating expenses 19,074 1,023 7,842 6,769 - 34,708
Interest expense 1,047
- -
3,718 (1,047 )
3,718 Total expenses 101,127
25,563 7,842
10,487
(1,934 ) 143,085
Income (loss) from continuing
operations before taxes
$ 4,848
$ 5,146 $ 368
$ (10,276 )
$ - $ 86
Total assets $
434,473 $ 60,962
$ 4,807 $
305,461 $ (362,289
) $ 443,414
Table 5 CRM Holdings, Ltd. Revenues
by Segment
Three months ended
Years ended December 31, December 31,
2009 2008 2009 2008 (Dollars in
thousands) Revenues from Fee-Based Management Services
California $ 1,140 $ 1,910 $
5,128 $ 8,216 1,140
1,910 5,128
8,216 Revenues from
Primary Insurance California 12,062 11,997 44,960 55,946 New
York/New Jersey 4,434 7,469 22,340 33,607 Other (1) 657
967 3,096
3,784 17,153
20,433 70,396
93,337 Revenues from Reinsurance
California 2,245 3,012 8,299 18,842 New York/New Jersey 363 543
1,745 7,835 Other (2) (270 ) (86
) 84 1,928
2,338 3,469 10,128
28,605 Investment
income (3) 6,724 4,628 16,286 13,900 Eliminations (4) (126 )
(178 ) (477 ) (887 )
Total revenues from continuing
operations $ 27,229 $ 30,262 $
101,461 $ 143,171
(1)
Includes primary insurance
premiums for policies written in Washington, Alaska, Arizona,
Nevada, Florida, Oregon & Hawaii.
(2)
Includes reinsurance premiums for
policies written in Washington, Alaska, Arizona, Nevada, Florida,
Oregon & Hawaii.
(3)
Includes the elimination of $335
thousand and $350 thousand of Twin Bridges intercompany interest
income on funds withheld by Majestic for the three months ended
December 31, 2009 and 2008, respectively, and the elimination of
$1,216 thousand and $1,047 thousand of Twin Bridges intercompany
interest income on funds withheld by Majestic for the twelve months
ended December 31, 2009 and 2008, respectively.
(4)
Elimination of fee-based
management intercompany commissions against primary insurance
policy acquisition costs for the three months ended December 31,
2009 and 2008, respectively. Elimination of fee-based management
intercompany commissions against primary insurance policy
acquisition costs for the twelve months ended December 31, 2009 and
2008, respectively.
Table 6 CRM Holdings, Ltd. Fee-Based
Management Services Segment Data (1) December 31,
2009 2008 Number of Groups California 2
4 Number of Group Members California 197 376
Aggregate Annualized Premiums (2) California ($000's) $ 27,663 $
49,035
(1)
Excludes the fee-based management
services segment data for CRM NY, which has been reclassified as
discontinued operations for all periods presented.
(2)
Aggregate annualized premiums are
the annualized total of the actual premiums payable to our groups
by their members as in effect at the dates specified.
Table 7 CRM Holdings,
Ltd. Primary Insurance Segment Data Three
months ended Years ended December 31, December
31, 2009 2008 2009 2008 (Dollars in
thousands) (Dollars in thousands) Net primary insurance
premiums earned $ 17,153 $ 20,433 $ 70,396 $ 93,337 Loss and loss
adjustments expenses 26,894 19,143 73,737 68,326 Underwriting,
acquisition and insurance expenses (1) 9,908
8,251 32,753
31,754 Underwriting loss $ (19,649 ) $
(6,961 ) $ (36,094 ) $ (6,743 ) Loss Ratio (2)
156.8 % 93.7 % 104.7 % 73.2 % Expense Ratio (3) 57.8 % 40.4 % 46.5
% 34.0 % Combined Ratio (4) 214.6 % 134.1 % 151.2 % 107.2 %
(1)
Does not include the elimination
of $126 thousand and $178 thousand of Majestic policy acquisition
costs against fee-based management commissions for the three months
ended December 31, 2009 and 2008, respectively. Does not include
the elimination of $477 thousand and $887 thousand of Majestic
policy acquisition costs against fee-based management commission
for the nine months ended December 31, 2009 and 2008,
respectively.
(2)
The loss ratio is calculated by
dividing loss and loss adjustment expense by net primary insurance
premiums earned.
(3)
The expense ratio is calculated by
dividing underwriting, acquisition and insurance expenses for the
period by net primary insurance premiums earned.
(4)
The combined ratio is the sum of
the loss ratio and the expense ratio.
Table 8 CRM Holdings,
Ltd. Reinsurance Segment Data Three months
ended Years ended December 31, December
31, 2009 2008 2009 2008 (Dollars in
thousands) (Dollars in thousands) Net reinsurance premiums
earned $ 2,338 $ 3,469 $ 10,128 $ 28,605 Loss and loss adjustments
expenses 2,679 5,133 7,916 17,180 Underwriting, acquisition and
insurance expenses 809 1,181
3,672
8,383 Underwriting (loss) income $ (1,150 )
$ (2,845 ) $ (1,460 ) $
3,042 Loss Ratio (1) 114.6 % 148.0 % 78.2 % 60.1 %
Expense Ratio (2) 34.6 % 34.0 % 36.3 % 29.3 % Combined Ratio (3)
149.2 % 182.0 % 114.5 % 89.4 %
(1)
The loss ratio is calculated by
dividing loss and loss adjustment expense by net reinsurance
premiums earned.
(2)
The expense ratio is calculated by
dividing underwriting, acquisition and insurance expenses for the
period by net reinsurance premiums earned.
(3)
The combined ratio is the sum of
the loss ratio and the expense ratio.
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