Infinity Property Casualty Posts Higher Income

NU Online News Service, Oct. 27, 11:33 a.m.EDT?Infinity Property and Casualty Corporation reportedthird-quarter net income increased 53 percent, rising to $23million compared with $15 million for the period in 2003.[@@]

For the first nine months of this year, the Birmingham,Ala.-based auto insurer reported net earnings of $64.7 millioncompared with $38.8 million for the same period in 2003.

Infinity said its combined ratio in the third quarter was 90,compared to 92 in the third quarter of 2003. For the first ninemonths of 2004, the combined ratio was 89.9 percent, compared tothe 92.8 percent in the first nine months of 2003.

Underwriting income for Infinity was $22 million in the thirdquarter and $65.5 million during the first nine months of 2004. Ayear ago the insurer reported $13.8 million of underwriting incomein the third quarter and $36.3 million for the first nine months of2003.

Third-quarter catastrophe losses were slightly higher than lastyear's?the losses were $1.9 million, including $2.2 million fromthe four hurricanes and a $300,000 release of excess reserves oncatastrophes from prior periods. Catastrophe losses for the 2003third quarter were $400,000.

Net written premiums for the third quarter were $222.1 million,down slightly from $226.6 million reported for the same period in2003. Net written premiums for the first nine months of 2004 were$682.9 million, a 9.7 percent jump over the $622.8 million in netpremiums for the first nine months of 2003.