InsuraCorp Net Income Jumps
FREMONT — Fremont Michigan InsuraCorp Inc. reported a 37.5 increase in first quarter 2008 net income to $1.1 million, or 63 cents per share, compared with net income of $803,000, or 46 cents per share, for the first quarter of 2007.
Underwriting profit increased 39.4 percent to $817,000 for the just passed quarter, versus $586,000 for the prior year’s first quarter. Stockholders’ equity increased to $39.7 million, or $22.98 per share, at March 31 of this year, compared with $39.4 million, or $22.82, as of Dec. 3, 2007.
“Fremont Insurance continues to provide exceptional top line growth in the highly competitive Michigan marketplace,” said President and CEO Richard E. Dunning. “Risk selection within our target market by our agency partners coupled with sound internal underwriting, provides the framework for improvement in the comparative net income.”