Printer Friendly

FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED FIRST QUARTER 1992 RESULTS

FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED FIRST QUARTER 1992 RESULTS
 MONTICELLO, N.Y., May 11 /PRNewswire/ -- Frontier Insurance Group, Inc. (NYSE: FTR) today announced its unaudited first quarter results for 1992 as follows:
 FRONTIER INSURANCE GROUP, INC.
 First Quarter 1992 Results
 Income Statement Data: Pct.
 Three months ended 1992 1991 Change
 March 31 (unaudited)
 Revenues
 Premiums written $30,031,000 $23,123,000 29.9
 Premiums ceded (7,141,000) (7,789,000) (8.3)
 Net premiums written 22,890,000 15,334,000 49.3
 Net premiums earned 21,846,000 18,606,000 17.4
 Net investment income 5,336,000 3,480,000 53.3
 Realized capital gains (4,000) 65,000 (106.1)
 Claims adjusting income 405,000 364,000 11.3
 Total revenues 27,583,000 22,515,000 22.5
 Expenses
 Losses 12,034,000 11,086,000 8.6
 Loss adjustment expenses 3,809,000 3,169,000 20.2
 Amortization of policy
 acquisition costs 3,249,000 1,821,000 78.4
 Underwriting and other expenses 2,607,000 2,028,000 28.6
 Interest expense -- 166,000 (100.0)
 Total expense 21,699,000 18,270,000 18.8
 Income before income taxes 5,884,000 4,245,000 38.6
 Income taxes
 State 206,000 260,000 (20.8)
 Federal 975,000 748,000 30.3
 Total income taxes 1,181,000 1,008,000 17.2
 Net income 4,703,000 3,237,000 45.3
 Earnings per share:
 Operating income $.74 $.64 $15.6
 Realized capital gains (losses) -- .01 (100.0)
 Federal income tax "Fresh Start"
 benefits .02 .01 100.0
 Net income .76 .66 15.2
 Weighted average shares
 outstanding 6,181,581 4,884,928 26.5
 Statutory combined ratio (pct.) 98.0 96.6 N/A
 Balance Sheet Data:
 March 31
 1992 1991 Pct. Chng.
 Total investments $252,025,000 $178,075,000 41.5
 Total assets 306,779,000 222,116,000 38.1
 Reserves for: Unpaid losses 138,180,000 102,819,000 34.4
 Loss adjustment expenses 26,692,000 24,225,000 10.2
 Total liabilities 211,819,000 168,934,000 25.4
 Total capital 94,960,000 53,182,000 78.6
 Book value per share 15.35 10.88 41.1
 Frontier is an underwriter and creator of specialty insurance products serving the needs of insureds in niche markets.
 -0- 5/11/92 R
 /CONTACT: Walter A. Rhulen of Frontier Insurance Group, 914-796-2100, ext. 501/
 (FTR) CO: Frontier Insurance Group, Inc. ST: New York IN: INS SU: ERN


CK-OS -- NY048 -- 8647 05/11/92 12:39 EDT
COPYRIGHT 1992 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1992 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:May 11, 1992
Words:438
Previous Article:GETAWAY VACATIONS INTRODUCES NEW ORLEANS PROGRAM
Next Article:ARCHER COMMUNICATIONS ANNOUNCES FINANCING WITH CAPCOM
Topics:


Related Articles
FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED 1991 RESULTS
FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED FIRST QUARTER 1992 RESULTS
FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED SECOND QUARTER 1992 RESULTS
FRONTIER INSURANCE ANNOUNCES UNAUDITED THIRD QUARTER 1992 RESULTS
FRONTIER INSURANCE GROUP ANNOUNCES UNAUDITED 1992 RESULTS
HARLEYSVILLE GROUP REPORTS FIRST QUARTER EARNINGS
FRONTIER INSURANCE GROUP, INC. ANNOUNCES FIRST QUARTER 1993 RESULTS
FRONTIER INSURANCE GROUP INC. ANNOUNCES UNAUDITED THIRD QUARTER 1993 RESULTS
/ C O R R E C T I O N -- FRONTIER INSURANCE GROUP / (Correction Notice)
Frontier Insurance Group, Inc. Announces Unaudited First Quarter 1997 Results

Terms of use | Copyright © 2016 Farlex, Inc. | Feedback | For webmasters