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1347 Property Insurance Holdings, Inc. (PIH) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

1347 Property Insurance Holdings, Inc.

CIK: 1591890 Ticker: PIH

 

 

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.

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Financial Statements, Disclosures and Schedules

Inside this 10-Q Quarterly Report

Document And Entity Information
Consolidated Balance Sheets (unaudited)
Consolidated Balance Sheets (unaudited) (parenthetical)
Consolidated Statement Of Changes In Shareholders' Equity (unaudted)
Consolidated Statements Of Cash Flows (unaudited)
Consolidated Statements Of Operations And Comprehensive Income (unaudited)
Accumulated Other Comprehensive Income (loss)
Accumulated Other Comprehensive Income (loss) (details)
Accumulated Other Comprehensive Income (loss) (tables)
Commitments And Contingencies
Commitments And Contingencies (details)
Commitments And Contingencies (tables)
Deferred Acquisition Policy Costs (tables)
Deferred Policy Acquisition Costs
Deferred Policy Acquisition Costs (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (tables)
Income Taxes
Income Taxes (details 1)
Income Taxes (details Narrative)
Income Taxes (details)
Income Taxes (tables)
Investments
Investments (details 1)
Investments (details 2)
Investments (details 3)
Investments (details Narrative)
Investments (details)
Investments (tables)
Loss And Loss Adjustment Expense Reserves
Loss And Loss Adjustment Expense Reserves (details)
Loss And Loss Adjustment Expense Reserves (tables)
Nature Of Business
Nature Of Business (details Narrative)
Net Earnings Per Share
Net Earnings Per Share (details 1)
Net Earnings Per Share (details)
Net Earnings Per Share (tables)
Options, Warrants, And Restricted Stock Units
Options, Warrants, And Restricted Stock Units (details 1)
Options, Warrants, And Restricted Stock Units (details 2)
Options, Warrants, And Restricted Stock Units (details Narrative)
Options, Warrants, And Restricted Stock Units (details)
Options, Warrants, And Restricted Stock Units (tables)
Recently Issued Accounting Standards
Reinsurance
Reinsurance (details Narrative)
Reinsurance (details)
Reinsurance (tables)
Related Party Transactions
Related Party Transactions (details Narrative)
Shareholders' Equity
Shareholders' Equity (details Narrative)
Significant Accounting Policies
Significant Accounting Policies (details Narrative)
Significant Accounting Policies (policies)
Statutory Requirements
Statutory Requirements (details Narrative)
Statutory Requirements (details)
Statutory Requirements (tables)
Ticker: PIH
CIK: 1591890
Form Type: 10-Q Quarterly Report
Accession Number: 0001387131-17-004047
Submitted to the SEC: Thu Aug 10 2017 4:18:36 PM EST
Accepted by the SEC: Thu Aug 10 2017
Period: Friday, June 30, 2017
Industry: Fire Marine And Casualty Insurance

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