Affirmative Insurance Holdings Inc (AFFMQ) 10-Q Quarterly Report May 2014

(GLOBE NEWSWIRE) — Affirmative Insurance Holdings, Inc. (OTC: AFFM), a leading provider of non-standard personal automobile insurance policies, reported consolidated financial results for the first quarter ended March 31, 2014.


	Three Months Ended March 31,
(In millions, except per share data)	2014		2013
Gross written premium managed	$	108.0	$	95.9
Revenue		45.5		63.8
Operating income (loss)		3.7		(0.5	)
Net income (loss)		0.7		(6.3	)
Net income (loss) per diluted share		0.04		(0.41	)

Michael McClure, Chief Executive Officer, stated, “We are happy that we had a profitable first quarter, but we are not at the level of profitability that we desire. While our gross premiums managed rose significantly compared to a year ago, our new business policies declined in every state we operate in. Our book of business is transforming to primarily a renewal book of business from primarily a new book of business a year ago. This is important as our renewal policies tend to have a substantially lower loss ratio than new policies. We have also taken significant agent actions in the last six months terminating our business relationship with unprofitable agents. Lastly, we continue to search to find ways to cut expenses on a daily basis. We believe that all of these actions will contribute to increased profitability in the future.”

Operating Performance

•

Gross written premiums managed represent the gross written premiums on policies we manage through affiliated and unaffiliated underwriting agencies. Our insurance companies may not underwrite a portion of gross written premiums managed. For the first quarter of 2014, gross written premiums managed increased $12.1 million, or 12.6%, compared with the first quarter of 2013. This increase was primarily due to an increase in renewal policies as well as rate increases. The growth in renewal policies was primarily caused by the significant increase in new policies that began in the second half of 2012 and continued through the majority of 2013. The growth in renewal policies is important to our business as those policies historically have a significantly lower loss ratio than new business policies.

•

Total revenues for the first quarter of 2014 decreased $18.3 million, or 28.7%, compared with the first quarter of 2013. The decrease was due to the reduction in commission and fee income due to the sale of our retail business in September 2013, which was partially offset by the growth in gross premiums managed discussed above.

The following information was filed by Affirmative Insurance Holdings Inc (AFFMQ) on Thursday, May 15, 2014 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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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Ticker: AFFMQ
CIK: 1282543
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-14-201359
Submitted to the SEC: Thu May 15 2014 4:56:05 PM EST
Accepted by the SEC: Thu May 15 2014
Period: Monday, March 31, 2014
Industry: Fire Marine And Casualty Insurance

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Affirmative Insurance Holdings Inc (AFFMQ) SEC Filing 10-Q Quarterly report for the period ending Monday, March 31, 2014

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