Midland Co. Sees Record 1stQ

April 9, 2003

The Cincinnati-based Midland Co. anticipates record first-quarter results, estimating net income per diluted share will be in the range of 55 to 57 cents, including about 7 cents in realized capital losses. That would compare with 44 cents in last year’s first quarter, which included 1 cent in realized capital losses and 8 cents related to the adoption of Statement of Financial Accounting Standards No. 142 “Goodwill and Other Intangible Assets.”

The record performance reflects double-digit percentage premium growth and higher rates, according to Midland CEO John W. Hayden.

Hayden said that the first-quarter combined ratio premium is expected to be in the range of 94 to 95 percent, compared with 96.4 percent last year.

Hayden also commented on the storm activity that swept across the southeastern part of the United States in the first week in April noting that the preliminary indications are that these storms would fall within the “normal” range for a springtime storm system.

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