Allcity Insurance Company Announces 1998 Results.NEW YORK--(BUSINESS WIRE)--April 1, 1999--Allcity Insurance Company (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :ALCI ALCI Appliance Leakage Circuit Interrupter ALCI American Council of Life Insurers ALCI Airlines Line Control Interface ) announced its operating results for the year ended December 31, 1998. The net income of $0.5 million or $0.07 per share for the year ended December 31, 1998 compared to a net loss pf $0.1 million for the comparable 1997 period. Results for 1998 included $6.1 million of net securities gains while results for 1997 included $0.2 million of net securities losses. In 1998, net earned premiums were $67.5 million compared to $80.9 in 1997. The decline is primarily due to the continuing reduction in the assigned risk A danger or hazard of loss or injury that an insurer will not normally accept for coverage under a policy issued by the insurer, but that the insurance company is required by state law to offer protection against by participating in a pool of insurers who are also compelled to provide business ($7.4 million) and reductions in certain lines, principally voluntary commercial automobile ($2.6 million), private passenger automobile ($1.8 million), commercial package policies ($1.3 million) and workers' compensation workers' compensation, payment by employers for some part of the cost of injuries, or in some cases of occupational diseases, received by employees in the course of their work. ($1.1 million) due to tighter underwriting standards, re-underwriting and increased competition. Additionally, service fee income declined to $3.4 million in 1998 from $5.7 million in 1997 principally due to the decrease in the number of assigned risk contracts acquired by the company, depopulation DEPOPULATION. In its most proper signification, is the destruction of the people of a country or place. This word is, however, taken rather in a passive than an active one; we say depopulation, to designate a diminution of inhabitants, arising either from violent causes, or the want of in the assigned risk pools, and its resignation from the New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of Public Automobile Pool. Results of operations for the twelve and three month periods ended December 31, 1998 and 1997 are as follows (in millions, except per share amounts): -0-
Years Ended December 31 Three Months Ended December 31
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1998 1997 1998 1997
Total Revenues: $ 92.1 $102.6 $ 23.9 $ 22.1
Net Securities
Gains/Losses $ 6.1 $(0.2) $ 5.1 $ 0.1
Net Income/
(Loss) $ 0.5 $(0.1) $ 1.3 $(0.8)
Per Share Data:
Basic and Diluted
Earnings/(Loss) $ 0.07 $(0.01) $ 0.18 $(0.12)
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