The 2010 first quarter loss and LAE ratio was 61.4%, reflecting both frequency and severity within the normal ranges. The 2010 first quarter expenses were up slightly, in part due to the mix of business written which can cause variances in the quarter to quarter underwriting expenses. In addition, first quarter expenses were higher due to legal and professional costs associated with the Vanliner acquisition and other product development efforts.Net investment income, the other component of operating earnings was in line for the 2010 first quarter in comparison to the first quarter of 2009. Like other investors, one of our major challenges in 2010 related to investment income would be to maintain yield without sacrificing quality or extending the portfolio as we invest maturing fixed holdings and operating cash flows.
National Interstate Corporation. Q1 2010 Earnings Call Transcript
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