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National Interstate Corporation Reports Preliminary 2012 Results

Stocks in this article: NATL

  • Gross premiums written increased in 2012: fourth quarter up 37%, full year up 9%
  • 2012 fourth quarter and full year net income trail last year
  • Management to present at Bank of America Merrill Lynch 2013 Insurance Conference
  • Earnings conference call to be held on February 27, 2013

RICHFIELD, Ohio, Feb. 7, 2013 (GLOBE NEWSWIRE) -- National Interstate Corporation (Nasdaq:NATL) today reported gross premiums written and anticipated earnings per share for the 2012 fourth quarter and full year. Gross premiums written increased 37% for the 2012 fourth quarter and 9% for the 2012 full year compared to the same 2011 periods reflecting growth in the alternative risk transfer (ART) and transportation components. The Company's estimated net income for the 2012 fourth quarter was impacted by higher claims costs that were partially offset by realized gains from investments. The Company estimates that net income for the 2012 full year will be 2% - 5% below last year.

Gross Premiums Written

The table below summarizes gross premiums written by business component:

  Three Months Ended December 31,
  2012 2011
  Amount Percent Amount Percent
  (Dollars in thousands)
Alternative Risk Transfer $ 91,925 58.6% $ 62,542 54.6%
Transportation 48,136 30.7% 36,358 31.7%
Specialty Personal Lines 11,353 7.2% 10,644 9.3%
Hawaii and Alaska 3,419 2.2% 3,465 3.0%
Other  2,008 1.3%  1,645 1.4%
Gross premiums written $ 156,841 100.0% $ 114,654 100.0%
         
         
  Year Ended December 31,
  2012 2011
  Amount Percent Amount Percent
  (Dollars in thousands)
Alternative Risk Transfer $ 316,114 55.2% $ 285,352 54.2%
Transportation 180,786 31.5% 162,870 30.9%
Specialty Personal Lines 51,026 8.9% 53,729 10.2%
Hawaii and Alaska 18,383 3.2% 18,137 3.5%
Other  7,161 1.2%  6,225 1.2%
Gross premiums written $ 573,470 100.0% $ 526,313 100.0%

The Company experienced significant top line growth in the 2012 fourth quarter, resulting in an increase of 9% in 2012 full year gross premiums written compared to 2011. Both ART and transportation were up significantly for the 2012 fourth quarter with growth of 47% and 32%, respectively compared to the prior year. 2012 full year gross premiums written for both the ART and transportations components increased 11%, specialty personal lines decreased 5%, and Hawaii and Alaska was flat compared to full year 2011.  

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