Overview

  • Specialty insurer's Q1 net income and EPS declined yr/yr

  • Net earned property and casualty premiums fell, while fee income and gross written premiums rose

  • Company reduced outstanding debt by $3.4 mln in Q1 as part of capital management

Outlook

  • Company expects to continue reducing leverage unless other compelling opportunities arise

Result Drivers

  • LOWER EARNED PREMIUMS - Net earned property and casualty premiums fell $1.7 mln yr/yr to $11.7 mln, weighing on results

  • HIGHER OPERATING EXPENSES - Operating expenses rose $0.7 mln yr/yr due to timing of recognition of certain contractual relationships

Company press release:

Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q1 EPS

$69.82

Q1 Net Income

$3.30 mln

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