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As of 5:20 PM 10/23/14 All times are local (Market data is delayed by at least 15 minutes).

affirmative insurance holdin (AFFM) Key Developments

Affirmative Insurance Holdings Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended June 30, 2014

Affirmative Insurance Holdings Inc. reported unaudited consolidated earnings results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported total revenues of $46,968,000 compared to $72,780,000 for the same period of last year. Operating loss was $3,526,000 compared to operating profit of $7,321,000 for the same period of last year. Loss before income taxes was $7,023,000 compared to income before income taxes of $1,644,000 for the same period of last year. Net loss was $7,242,000 compared to net income of $1,485,000 for the same period of last year. Diluted loss per common share was $0.47 compared to earnings per diluted share of $0.1 for the same period of last year. Gross written premium managed was $81.6 million compared to $78.2 million reported a year ago. Total gross written premiums managed increased $3.4 million, or 4.3%, compared with the prior year quarter. For the six months, total revenues were $92,494,000 compared to $136,598,000 for the same period of last year. Operating income was $160,000 compared to $6,803,000 for the same period of last year. Loss before income taxes was $6,653,000 compared to $4,429,000 for the same period of last year. Net loss was $6,578,000 compared to $4,766,000 for the same period of last year. Diluted loss per common share was $0.43 compared to $0.31 for the same period of last year. The decrease in revenue was due to the increase in quota-share reinsurance during 2014 and the reduction in commission and fee income due to the sale of its retail business in September 2013. This was partially offset by the growth in gross premiums managed. Gross written premium managed was $189.5 million compared to $174.1 million reported a year ago. Total gross written premiums managed increased $15.4 million, or 8.9%, compared with the prior year period. The increase was primarily due to an increase in renewal policies as well as rate increases. The growth in renewal policies was primarily caused by the significant increase in new policies that began in the second half of 2012 and continued through the majority of 2013. The growth in renewal policies is important to its business as those policies historically have a significantly lower loss ratio than new business policies.

Affirmative Insurance Holdings Inc. Reports Unaudited Consolidated Earnings Results for the First Quarter Ended March 31, 2014

Affirmative Insurance Holdings Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2014. For the quarter, the company reported gross written premiums managed increased $12.1 million, or 12.6%, compared with the first quarter of 2013. This increase was primarily due to an increase in renewal policies as well as rate increases. The growth in renewal policies was primarily caused by the significant increase in new policies that began in the second half of 2012 and continued through the majority of 2013. The growth in renewal policies is important to its business as those policies historically have a significantly lower loss ratio than new business policies. Total revenues were $45.526 million against $63.818 million a year ago. The decrease was due to the reduction in commission and fee income due to the sale of its retail business in September 2013, which was partially offset by the growth in gross premiums managed discussed above. Operating income was $3.686 million against operating loss of $0.518 million a year ago. Income before income tax expense was $0.370 million against loss before income tax expense of $6.073 million a year ago. Net income was $0.664 million or $0.04 per basic and diluted share against net loss of $6.251 million or $0.41 per basic and diluted share a year ago.

Affirmative Insurance Holdings Inc. to Report Q1, 2014 Results on May 15, 2014

Affirmative Insurance Holdings Inc. announced that they will report Q1, 2014 results on May 15, 2014

Affirmative Insurance Holdings Inc., Annual General Meeting, May 29, 2014

Affirmative Insurance Holdings Inc., Annual General Meeting, May 29, 2014., at 08:30 Central Standard Time. Location: 4450 Sojourn Drive. Agenda: To elect eight directors for a one-year term; to ratify the appointment of KPMG LLP as the company's independent registered public accounting firm for 2014; to approve on an advisory basis the compensation of named executive officers; and to act upon such other matters as may properly come before the meeting or any adjournment thereof.

Affirmative Insurance Holdings Inc. Appoints Eric Rahe as a Director

On April 15, 2014, Affirmative Insurance Holdings Inc. Board of Directors elected Eric Rahe as a director of the company. Mr. Rahe is a Managing Director at J.C. Flowers & Co. LLC. From 2008 until 2014, Mr. Rahe was a Managing Director at Clayton, Dubilier & Rice, where he established and led the firm’s financial services practice. Previously, Mr. Rahe was a senior investment professional at the hedge fund SAB Capital and a Partner at Capital Z Partners, a financial services focused private equity firm.

 

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