1347 Property Insurance Holdings, Inc. 8-K

 

Exhibit 99.1

 

(1347 PROPERTY INSURANCE HOLDINGS LOGO)  

 

1347 PROPERTY INSURANCE HOLDINGS, INC. ANNOUNCES 2017 SECOND QUARTER

FINANCIAL RESULTS

Q2 2017 Net Income of $0.9 million, or $0.15 per diluted share

Conference Call Scheduled For August 11, 2017 at 10:00 a.m. ET

 

Tampa, FL – August 10, 2017 – 1347 Property Insurance Holdings, Inc. (NASDAQ: PIH) (the “Company”), a property and casualty insurance holding company offering specialty insurance to individual and commercial customers in Louisiana and Texas through its wholly-owned subsidiary, Maison Insurance Company (“Maison”), today announced financial results for its second quarter ended June 30, 2017.

 

Second Quarter 2017 Financial and Operating Highlights 

(unless noted all financial comparisons are to the prior-year quarter) 

Gross premiums written increased 27.9% to $18.8 million from $14.7 million.
Net premiums earned increased 9.5% to $8.2 million from $7.5 million.
Net combined ratio was 89.5%; compared with 76.4% in the prior year quarter.
Net income was approximately $0.9 million, or $0.15 per diluted share, compared to net income of $1.3 million, or $0.22 per diluted share.
Book value per share of $7.99 at June 30, 2017 versus $7.83 at March 31, 2017 and $7.85 a year ago.
In-force policy count at June 30, 2017 increased to 37,500 from 35,200 at March 31, 2017 and 30,800 a year ago.

 

Management Comments

Doug Raucy, Chief Executive Officer, stated, “We are pleased to have grown our book value another 16 cents per share in the second quarter to $7.99. We ended the second quarter with almost 37,500 policies in force, representing growth of over 21% from a year ago. As a result, our gross written premiums rose 27.9% as compared to the second quarter of 2016, primarily from our voluntary independent agencies.  We focus intently on our independent agent network and work every day to create a win-win relationship for them and Maison.” Mr. Raucy continued, “While we did not experience any CAT events in the second quarter, non-catastrophe weather losses were significant in the quarter, comprising more than half of our net loss ratio for the three month period due to a number of smaller wind/hail events in Texas and Louisiana which occurred primarily in April and May. Even after the impact of these storms, our resulting net combined ratio for the quarter was 89.5%, which was still solidly profitable and proof again in the resilience of our business model.”

 

 


The following information was filed by 1347 Property Insurance Holdings, Inc. (PIH) on Thursday, August 10, 2017 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 1347 Property Insurance Holdings, Inc.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ)
Sample 10-K Year-over-Year (YoY) Comparison

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were  removed  ,   added    and   changed   by 1347 Property Insurance Holdings, Inc..

Continue

Never Miss A New SEC Filing Again


Real-Time SEC Filing Notifications
Screenshot taken from Gmail for a new 10-K Annual Report
Last10K.com Member Feature

Receive an e-mail as soon as a company files an Annual Report, Quarterly Report or has new 8-K corporate news.

Continue

We Highlighted This SEC Filing For You


SEC Filing Sentiment Analysis - Bullish, Bearish, Neutral
Screenshot taken from Wynn's 2018 10-K Annual Report
Last10K.com Member Feature

Read positive and negative remarks made by management in their entirety without having to find them in a 10-K/Q.

Continue

Widen Your SEC Filing Reading Experience


Increased Reading Area for SEC Filings
Screenshot taken from Adobe Inc.'s 10-Q Quarterly Report
Last10K.com Member Feature

Remove data columns and navigations in order to see much more filing content and tables in one view

Continue

Uncover Actionable Information Inside SEC Filings


SEC Filing Disclosures
Screenshot taken from Lumber Liquidators 10-K Annual Report
Last10K.com Member Feature

Read both hidden opportunities and early signs of potential problems without having to find them in a 10-K/Q

Continue

Adobe PDF, Microsoft Word and Excel Downloads


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshots of actual 10-K and 10-Q SEC Filings in PDF, Word and Excel formats
Last10K.com Member Feature

Export Annual and Quarterly Reports to Adobe PDF, Microsoft Word and Excel for offline viewing, annotations and analysis

Continue

FREE Financial Statements


Download Annual and Quarterly Reports as PDF, Word and Excel Documents
Screenshot of actual balance sheet from company 10-K Annual Report
Last10K.com Member Feature

Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports

Continue for FREE

Intrinsic Value Calculator


Intrinsic Value Calculator
Screenshot of intrinsic value for AT&T (2019)
Last10K.com Member Feature

Our Intrinsic Value calculator estimates what an entire company is worth using up to 10 years of financial ratios to determine if a stock is overvalued or not

Continue

Financial Stability Report


Financial Stability Report
Screenshot of financial stability report for Coco-Cola (2019)
Last10K.com Member Feature

Our Financial Stability reports uses up to 10 years of financial ratios to determine the health of a company's EPS, Dividends, Book Value, Return on Equity, Current Ratio and Debt-to-Equity

Continue

Get a Better Picture of a Company's Performance


Financial Ratios
Available Financial Ratios
Last10K.com Member Feature

See how over 70 Growth, Profitability and Financial Ratios perform over 10 Years

Continue

Log in with your credentials

or    

Forgot your details?

Create Account