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Affirmative Insurance Holdings Inc (AFFMQ) SEC Filing 10-Q Quarterly report for the period ending Tuesday, September 30, 2014

Affirmative Insurance Holdings Inc

CIK: 1282543 Ticker: AFFMQ

Exhibit 99.1

 

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AFFIRMATIVE INSURANCE HOLDINGS REPORTS SECOND QUARTER 2014

FINANCIAL RESULTS

ADDISON, Texas, August 14, 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 three and six months ended June 30, 2014.

 

     Three Months Ended June 30,      Six Months Ended June 30,  
(In millions, except per share data)    2014     2013      2014     2013  

Gross written premium managed

   $ 81.6      $ 78.2       $ 189.5      $ 174.1   

Revenue

     47.0        72.8         92.5        136.6   

Operating income (loss)

     (3.5     7.3         0.2        6.8   

Net income (loss)

     (7.2     1.5         (6.6     (4.8

Net income (loss) per diluted share

     (0.47     0.10         (0.43     (0.31

Michael McClure, Chief Executive Officer, stated, “We are disappointed that we continue to have adverse development from prior years. In the second quarter, we booked $5.8 million of additional loss reserves primarily for bodily injury claims in Louisiana and California during 2012 and the first half of 2013. These additional reserves reduced operating income by $7.9 million after consideration of the adjustment to ceding commissions on our quota share reinsurance agreements.

We are seeing improvement in loss cost trends in the second half of 2013 and 2014. We have implemented a number of items to improve the profitability of our insurance operations. These actions have included:

 

    We continue to push rate increases in all of our major states. For the majority of our business in Louisiana, we implemented a nearly 10% rate increase today that is following a nearly 8% increase we implemented for this business in December 2013.

 

    Starting in the fourth quarter of 2013, we terminated a significant number of unprofitable agent relationships primarily in Louisiana and, to a lesser extent, in Texas.

 

    We transformed the book of business from primarily a new book of business in the first half of 2013 to primarily a renewal book of business in the first half of 2014. Our renewal policies tend to have a substantially lower loss ratio than new business policies. While our gross premiums managed increased in the first half of the year, this increase was due to the increase in renewal policies and rate increases. In the first half of this year, the number of new business policies declined in every state that we operate in with the exception of Missouri, while the number of renewal business policies increased in every state other than Illinois, Indiana and Missouri.


The following information was filed by Affirmative Insurance Holdings Inc (AFFMQ) on Thursday, August 14, 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

Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Consolidated Statements Of Cash Flows
Consolidated Statements Of Comprehensive Income (loss)
Consolidated Statements Of Operations
Consolidated Statements Of Stockholders' Deficit
Adjustments To Ceding Commissions Recognized (detail)
Amortized Cost Gross Unrealized Gains Losses And Estimated Fair Value Of Available-for-sale Securities (detail)
Amortized Costs And Estimated Fair Values Of Fixed Income Securities (detail)
Amount Of Loss Reserves And Unearned Premium (detail)
Amount Of Receivables Due From Reinsurers (detail)
Available-for-sale Investment Securities
Available-for-sale Investment Securities (tables)
Available-for-sale Investment Securities - Additional Information (detail)
Available-for-sale Investment Securities In Unrealized Loss Position (detail)
Capital Lease Obligation
Capital Lease Obligation (tables)
Capital Lease Obligation - Additional Information (detail)
Debt
Debt (tables)
Debt - Additional Information (detail)
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs (tables)
Disclosures For Items Reclassified Out Of Accumulated Other Comprehensive Income (aoci) - Additional Information (detail)
Disclosures For Items Reclassified Out Of Accumulated Other Comprehensive Income (loss)
Disclosures For Items Reclassified Out Of Accumulated Other Comprehensive Income (loss) (tables)
Effect Of Reinsurance On Premiums Written And Earned (detail)
Effective Tax Rate Differed From Statutory Tax Rate (detail)
Estimated Future Lease Payments (detail)
Fair Value Measurements For Assets And Liabilities (detail)
Fair Value Measurements For Assets Using Unobservable Inputs (detail)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (tables)
Financial Assets Measured At Fair Value On Recurring Basis (detail)
General
General - Additional Information (detail)
Going Concern
Going Concern - Additional Information (detail)
Gross Realized Gains And Losses On Available-for-sale Investments (detail)
Income Taxes
Income Taxes (tables)
Income Taxes - Additional Information (detail)
Items Reclassified Out Of Accumulated Other Comprehensive Income (aoci) (detail)
Legal And Regulatory Proceedings
Net Income (loss) Per Common Share
Net Income (loss) Per Common Share (tables)
Net Income (loss) Per Common Share - Additional Information (detail)
Property Under Capital Lease (detail)
Provision For Income Taxes (detail)
Reinsurance
Reinsurance (tables)
Reinsurance - Additional Information (detail)
Related Party Transactions
Related Party Transactions - Additional Information (detail)
Sale Of The Retail Business
Sale Of The Retail Business - Additional Information (detail)
Summary Of Long-term Debt Instruments And Balances Outstanding (detail)
Summary Of Long-term Debt Instruments And Balances Outstanding (parenthetical) (detail)
Summary Of Policy Acquisition Cost (detail)
Summary Of Reconciliation Of Numerators And Denominators For Basic And Diluted Earnings Per Share (detail)
Summary Of Significant Accounting Policies
Summary Of Significant Accounting Policies (policies)
Ticker: AFFMQ
CIK: 1282543
Form Type: 10-Q Quarterly Report
Accession Number: 0001193125-14-413489
Submitted to the SEC: Fri Nov 14 2014 5:24:30 PM EST
Accepted by the SEC: Fri Nov 14 2014
Period: Tuesday, September 30, 2014
Industry: Fire Marine And Casualty Insurance

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