Allcity Insurance Company Announces Operating Results.Business Editors BROOKLYN Brooklyn (br  k`lĭn), borough of New York City (1990 pop. 2,300,664), 71 sq mi (184 sq km), coextensive with Kings co., SE N.Y. , NY--(BUSINESS WIRE)--May 15, 2001Allcity 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 three month period ended March 31, 2001 and reported a net loss of $14,277,000 or $2.02 per share for the three months ended March 31, 2001 compared to net income of $287,000 or $0.04 per share for the comparable 2000 period. Results for 2001 included $1,012,000 of net securities gains compared to $221,000 of net securities losses for the comparable 2000 period. Net earned premium Earned premium is the portion of an insurance written premium which is considered "earned" by the insurer, based on the part of the policy period that the insurance has been in effect, and during which the insurer has been exposed to loss. revenues of the Company were $6,565,000 and $8,077,000 for the three month periods ended March 31, 2001 and 2000, respectively. Earned and written premiums declined in almost all lines of business. As previously announced, effective March 31, 2001, the Company, Empire Insurance Company, the Company's parent, and Centurion Insurance Company, an affiliate, will no longer issue any new (as compared to renewal) insurance policies and has filed plans of orderly orderly /or·der·ly/ (or´der-le) an attendant in a hospital who works under the direction of a nurse. or·der·ly n. An attendant in a hospital. withdrawal with 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 Insurance Department as required. Included in the Company's results for the first quarter of 2001 and 2000 were $11,700,000 and $900,000, respectively, for increases in loss and loss adjustment expenses for prior accident years. The increase during 2001 reflected adverse development in commercial package lines of business, primarily due to increases in severity of liability claims, adverse development in 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. and automobile automobile, self-propelled vehicle used for travel on land. The term is commonly applied to a four-wheeled vehicle designed to carry two to six passengers and a limited amount of cargo, as contrasted with a truck, which is designed primarily for the transportation of lines of business and an increase in estimated loss adjustment expenses related to claims handled in house. In management's judgment, information currently available has been appropriately considered in estimating the Company's loss reserves. However, the reserving process relies on the basic assumption that past experience is an appropriate basis for predicting future events. As additional experience and other data become available and are reviewed, the Company's estimates and judgments may be revised. Results of operations for the three month periods ended March 31, 2001 and 2000 are as follows (in thousands, except per share amounts):
(Unaudited)
Three Months Ended
March 31,
2001 2000
---- ----
Total Revenues $ 10,314 $ 11,299
Net Securities Gains (Losses) $ 1,012 $ (221)
Net (Loss) Income $ (14,277) $ 287
Per Share Data:
Basic and Diluted (Loss) Income $ (2.02) $ 0.04
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