Allcity Insurance Company Reports Financial Results.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. , N.Y.--(BUSINESS WIRE)--Aug. 13, 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 six month period ended June 30, 1999. The net loss was $(339,000) or $(0.05) per share for the six month period ended June 30, 1999 compared to $(741,000) or $(0.10) per share for the six month period ended June 30, 1998. Results for the six months ended June 30, 1999 included $472,000 of net securities losses while results for the 1998 period included $324,000 of net securities gains. 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 were $24,978,000 and $36,158,000 for the six month periods ended June 30, 1999 and 1998, respectively. The decrease in earned premiums for these periods principally relates to a decline in the number of 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 automobile pool contracts acquired due to competition and the 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 of the assigned risk automobile pools, as well as a reduction in certain personal and commercial lines of business, principally voluntary private passenger, commercial automobile and commercial package policies, due to tighter underwriting Underwriting 1. The process by which investment bankers raise investment capital from investors on behalf of corporations and governments that are issuing securities (both equity and debt). 2. The process of issuing insurance policies. standards, re-underwriting, and increased competition. Despite the decreases in premium revenue, the net loss did not increase as significantly due to a decrease in losses incurred primarily as a result of lower level of reserve strengthening for prior accident years and lower current accident year loss ratios resulting from product mix and improved underwriting. Results of operations of the six and three month periods ended June 30, 1999 and 1998 are as follows (in thousands, except per share amounts): -0-
Three Months Ended June 30, Six Months Ended June 30,
1999 1998 1999 1998
---- ---- ---- ----
Total Revenues $ 14,682 $ 22,029 $ 32,072 $ 46,197
Net Securities
(Losses)/Gains $ (264) $ 82 $ (472) $ 324
Net Loss $ (426) $ (851) $ (339) $ (741)
Per Share Data:
Basic and Fully
Diluted Loss $ (0.06) $ (0.12) $ (0.05) $ (0.10)
|
|
||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion