SeaBright Holdings Reports Third Quarter And Nine Month 2012 Results
SeaBright Holdings, Inc. (NYSE: SBX) today announced results for the quarter and nine months ended September 30, 2012.
For the third quarter of 2012, the Company recorded net income of $1.4 million or $0.06 per diluted share compared to net income of $1.6 million or $0.07 per diluted share for the same period in 2011. Total revenue for the quarter was $69.3 million versus $70.8 million in the year-earlier period. For the third quarter of 2012, net premiums earned were $63.3 million compared to $64.0 million for the same period in 2011.
For the nine months ended September 30, 2012, the Company recorded net income of $10.9 million or $0.50 per diluted share compared to a net loss of $14.2 million or $0.67 per diluted share for the same period in 2011. Total revenue for the nine months was $206.9 million versus $203.6 million in the year-earlier period. For the first nine months of 2012, net premiums earned were $179.0 million compared to $182.8 million for the same period in 2011. Net realized gains were $10.1 million during the first nine months of 2012 compared to $0.7 million recorded in the same period last year. Net realized gains in 2012 resulted from the sale of investment securities in order to realize all of the Company’s tax loss carry forwards and to reduce exposure to interest rate risk.
The net loss ratio for the third quarter of 2012 was 72.8% compared to 75.5% for the same period in 2011. During the third quarter of 2012, on a pre-tax basis, the Company recognized a net decrease of $0.4 million in prior years’ loss reserve estimates compared to a net increase of $2.8 million recorded in the same period last year. The current accident year estimated net loss ratio for the third quarter of 2012 was 65.0%, compared to 62.5% for the same period in 2011.
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