Lansing-based medical liability insurance company, FinCor, reported third quarter earnings of $25.8 million. This continues the
company’s growth streak, which has lasted for the last several years.
According to excerpts from the article:
The privately held Lansing, Mich.-based provider of
medical professional liability insurance and integrated risk management
products and services for health care providers and institutions posted an 18.8
percent increase in net income for the third quarter. FinCor reported net income of $4.9 million,
or $7.82 per diluted share, compared with net income of $4.1 million, or $7.03
per diluted share, for the same quarter last year.
FinCor reported total revenues of $25.8 million in the
quarter, up 29.1 percent from the prior year.
The Company said the improved top- and bottom- line results were from
the combination of increased revenue growth in its FinCor Solutions and
Washington Casualty Company subsidiaries, along with the improved profitability
of MHA Insurance Company. The Company
also noted its solid year-to-date returns on its investment portfolio as an
additional contributing factor.
Net income for the nine months ended Sept. 30, 2007,
increased 35.1 percent to $11.5 million, or $18.45 per diluted share, up from
$8.5 million, or $14.43 per diluted share, for the first nine months of
2006. Total nine- month revenues
increased 4.6 percent to $72.6 million, compared to $69.4 million in 2006.
Read the entire article here.
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