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Exhibit 99.1
AmCOMP
Reports First Quarter 2008 Financial Results
North Palm Beach, FL, May 6, 2008
- AmCOMP Incorporated (Nasdaq: AMCP) today announced results for the
first quarter ended March 31, 2008.
For the
first quarter of 2008, net income was $4.5 million, or $0.29 per diluted share,
compared to net income of $4.0 million, or $0.25 per diluted share, for the same
period in 2007. Weighted average diluted shares outstanding for the
first quarter of 2008 were 15,402,000 compared to 15,779,000 for the first
quarter of 2007. Total revenue for the first quarter of 2008 was $57.5 million
versus $64.1 million in the comparable period in 2007.
The net
combined ratio for the first quarter improved to 95.5% compared to 96.4% for the
same period in 2007. Book value per outstanding share was $10.79 at
March 31, 2008, compared to a book value per outstanding share of $10.35 as of
December 31, 2007. AmCOMP’s return on equity was 11.2% at the end of
the first quarter of 2008 compared to 11.3% at March 31, 2007.
Commenting
on the Company’s first quarter 2008 financial results, Debra Ruedisili, AmCOMP’s
Executive Vice President and Chief Operating Officer, said: “This
quarter’s financial performance underscores AmCOMP’s ability to successfully
manage its business and make an underwriting profit in a challenging
market. By maintaining underwriting discipline and pricing integrity,
despite the continuation of the soft cycle, we improved our year-over-year first
quarter bottom line results and combined ratio. We accomplished this
by focusing, among other things, on our loss and loss adjustment expenses,
reporting a notable 52.7% loss ratio for the quarter. Additionally,
we extended our record of redundancies to 13 consecutive years as we released
$6.8 million for the first quarter 2008, less reinsurance, as a result of
favorable loss development.
“It
appears that we are quickly approaching the close of our merger with
EMPLOYERS. The members of AmCOMP’s management team would like to take
this opportunity to thank all of our employees, independent agents,
policyholders and service providers for their support of the AmCOMP brand over
the past 26 years. We also commend our employees for their dedication
and hard work as they delivered industry-leading customer service, our
independent agents for their proud representation of AmCOMP in the market place,
our policyholders for their willingness to work with us to reduce their workers’
compensation costs, our service providers for their facilitation of our business
and you, our stockholders, for your belief in the value of the name
‘AmCOMP’. We hope you are well pleased with the return on your
investment.”
Previously Announced
Definitive Agreement
On
January 10, 2008, AmCOMP announced that it signed a definitive agreement to be
acquired by Employers Holdings, Inc. (“EMPLOYERS®”) (NYSE: EIG), a provider of
workers’ compensation insurance to small U.S. businesses. Under the
terms of the merger agreement, EMPLOYERS will acquire 100% of AmCOMP’s
outstanding stock and its subsidiaries for approximately $194 million in cash,
or $12.50 per share of common stock. The transaction, which is subject to
regulatory approval by the Florida Office of Insurance Regulation, approval by
AmCOMP stockholders and customary conditions of closing, is expected to be
completed by the end of the second quarter of 2008.
The following information was filed by Amcomp Inc Fl on Wednesday, May 7, 2008 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
View differences made from one quarter to another to evaluate Amcomp Inc Fl's financial trajectory
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1009667 Quarterly Reports
- 10-Q Quarterly Report August 2008
-
10-Q Quarterly Report May 2008
- 10-Q Quarterly Report November 2007
- 10-Q Quarterly Report August 2007
- 10-Q Quarterly Report May 2007
