Interest expense from the company's senior notes issued in January 2013 totaled $846,000 in the second quarter of 2013.
Second Quarter 2013 - Financial Ratios
The company's loss ratio applicable to the second quarter of 2013 (defined as losses and loss adjustment expenses related to net premiums earned) was 30.4% compared with 43.7% in the second quarter of 2012. The loss ratio was positively impacted by a significant increase in premiums earned during Q2 2013 as compared to Q2 2012.
The expense ratio applicable to the second quarter of 2013 (defined as underwriting expenses, interest and other operating expenses related to net premiums earned) was 27.0% compared with 28.7% in the same year-ago period.Expressed as a total of all expenses related to net premiums earned, the combined loss and expense ratio to net premiums earned was 57.4% in the second quarter of 2013 compared with 72.4% in the same year-ago period. Six Months Ended June 30, 2013 - Financial Results Income available to common stockholders for the six months ended June 30, 2013 totaled $36.6 million or $3.20 diluted earnings per common share, compared with $14.0 million or $1.60 diluted earnings per common share for the six months ended June 30, 2012. Gross premiums earned for the six months ended June 30, 2013 increased 51.7% to $164.5 million from $108.5 million in the same year-ago period. The increase was primarily due to policies assumed from Citizens Property Insurance Corporation in November 2012. Net premiums earned for the six months ended June 30, 2013 increased 52.1% to $117.9 million from $77.5 million in the same period in 2012. Premiums ceded for the six months ended June 30, 2013 were 28.3% of the company's gross premiums earned, compared with 28.6% during the same period in 2012. Net investment income for the six months ended June 30, 2013 and 2012 was $434,000 and $824,000, respectively.
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