Fremont posts first-quarter results
Fremont Michigan InsuraCorp Inc. (OTC BB: FMMH) reported its financial results for the first quarter of 2009. Net income was $278,000 or $.16 per diluted share in the first quarter of 2009 compared to $1.1 million, or $.61 per diluted share, for the same period a year ago. Operating income was $133,000, or $.08 per share, compared to $1.4 million, or $.83 per share, for the same period a year ago.
The decline is due primarily to increased fire losses concentrated in the homeowner’s line and farm credit.
“The property and casualty business exists for the purpose of managing risk and protecting against the unexpected,” stated President & CEO Richard E. Dunning in a news release. “A major risk has always been weather and related exposure from prolonged cold periods, and weather activity adversely impacted our first quarter results.”