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National Interstate Corporation Reports Preliminary 2013 Results

Stocks in this article: NATL

  • Gross premiums written increased 14% for fourth quarter and 10% for the full year
  • Fourth quarter estimated net income flat; operating income ahead of prior year fourth quarter
  • Fourth quarter combined ratio expected to range between 98% and 99%
  • Earnings conference call to be held on February 26, 2014

RICHFIELD, Ohio, Jan. 30, 2014 (GLOBE NEWSWIRE) -- National Interstate Corporation (Nasdaq:NATL) today reported gross premiums written and anticipated net income per share for the 2013 fourth quarter and full year. Gross premiums written increased 14% for the 2013 fourth quarter and 10% for the 2013 full year compared to the same 2012 periods reflecting growth in the alternative risk transfer (ART) and transportation components. The Company expects net income for the 2013 fourth quarter to improve compared to the 2013 third quarter and remain relatively flat compared to the fourth quarter of last year.

Gross Premiums Written

The table below summarizes gross premiums written by business component:

  Three Months Ended December 31,
  2013 2012
  Amount Percent Amount Percent
  (Dollars in thousands)
Alternative Risk Transfer $101,562 56.7% $91,925 58.6%
Transportation 62,630 34.9% 48,136 30.7%
Specialty Personal Lines 8,218 4.6% 11,353 7.2%
Hawaii and Alaska 4,176 2.3% 3,419 2.2%
Other 2,692 1.5% 2,008 1.3%
Gross premiums written $179,278 100.0% $156,841 100.0%
         
  Year Ended December 31,
  2013 2012
  Amount Percent Amount Percent
  (Dollars in thousands)
Alternative Risk Transfer $326,305 51.7% $316,114 55.2%
Transportation 228,139 36.1% 180,786 31.5%
Specialty Personal Lines 47,715 7.5% 51,026 8.9%
Hawaii and Alaska 20,096 3.2% 18,383 3.2%
Other 9,738 1.5% 7,161 1.2%
Gross premiums written $631,993 100.0% $573,470 100.0%

The Company has experienced top line growth throughout 2013 resulting in full year gross premiums written of $632 million which is an increase of 10% compared to last year. The ART, Transportation and Hawaii and Alaska components had growth for the 2013 full year while specialty personal lines was down as planned compared to 2012. During the third quarter of this year, the Company made the decision to discontinue its commercial vehicle product, which is included in the Specialty Personal Lines component, due to unacceptable historical underwriting results. Commercial vehicle gross premiums written were approximately $1 million and $10 million for the 2013 fourth quarter and full year, respectively.

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