Exhibit 99.1
 
AmCOMP Reports Second Quarter 2008 Financial Results
 
North Palm Beach, FL, August 7, 2008 - AmCOMP Incorporated (Nasdaq: AMCP) today announced results for the second quarter and six months ended June 30, 2008.
 
Financial Results for the Second Quarter of 2008
 
For the second quarter of 2008, net income was $2.1 million, or $0.13 per share, compared to net income of $5.5 million, or $0.35 per diluted share, for the second quarter of 2007.  Weighted average diluted shares outstanding were 15,409,000 for the quarter ended June 30, 2008, compared to 15,776,000 for the quarter ended June 30, 2007.
 
Total revenue decreased 11.2% to $53.4 million in the second quarter of 2008 versus $60.2 million in the prior year’s second quarter.  For the second quarter of 2008, direct premiums written decreased $10.7 million, or 21.6%, to $38.8 million compared to $49.5 million for the comparable period in 2007.  In Florida, the Company’s largest market, direct premiums written decreased $5.5 million in the second quarter compared to the corresponding 2007 quarter.  The decrease in Florida premiums is the result of an 18.4% rate decrease in 2008, a reduction in construction-related payrolls, while the number of in-force policies as of June 30, 2008 was relatively flat compared to June 30, 2007.  Net investment income was $5.1 million, an increase of 2.6%, for the same three-month period in 2008 compared to the same quarter in 2007.
 
During the second quarter of 2008, the Company recognized $6.7 million, net of reinsurance, in favorable loss development from prior years’ loss reserve estimates.  This is AmCOMP’s 13th year of favorable loss development for redundancies from prior period loss reserves.
 
AmCOMP’s President and Chief Executive Officer, Fred R. Lowe, commented:  “Consistent with the reports from most companies in our industry, our second quarter was challenging.  The previous year’s soft underwriting market stretched on with even more competitive pricing at levels where we cannot maintain underwriting profitability – our main goal.  A questionable economy continued to negatively impact most sectors, including construction, which was approximately 35% of our book of business in 2007.  Additionally, the overlay of our pending merger with its associated transition activities and related expenses, while necessary, was disruptive to our short-term normal course of business.

“We plan to stay the course and ride the soft cycle out, maintaining our underwriting discipline and opting for only profitable business while providing industry-leading customer service to our agents and policyholders.  These hallmarks of our business model have helped us produce better than our industry’s average loss ratios and adequate reserves for prior years’ losses.   Long-term this has been a winning formula for AmCOMP, and we are optimistic that it will continue to position us for success,” Mr. Lowe concluded.
 
The net combined ratio, including policyholder dividends for the quarter ended June 30, 2008, was 102.6% compared to 91.5% for the same period in 2007.  Loss and loss adjustment expenses ratios were 64.5% and 47.3% of net premiums earned in the three months ended June 30, 2008 and 2007, respectively.  Total expenses were 34.3% and 32.7% of net premiums earned in the three months ended June 30, 2008 and 2007, respectively.
 
1

The following information was filed by Amcomp Inc Fl on Thursday, August 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.

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