FPIC Insurance Group Inc. of Jacksonville, Fla. reported net income of $2.8 million, or $0.29 per diluted share, for the first quarter 2003, compared to a net loss of $26.7 million, or ($2.81) per diluted share, for the first quarter of 2002. The first quarter 2002 net loss included a $29.6 million charge for an accounting change.
Through its subsidiaries, FPIC provides professional liability insurance for physicians, dentists and other healthcare providers, primarily in Florida and Missouri. FPIC also provides management and administration services to Physicians’ Reciprocal Insurers, a New York medical professional liability insurance reciprocal, and third-party administration services both within and outside the healthcare industry.
“Our solid first quarter results are a clear reflection of our disciplined focus on our core markets and businesses,” stated John R. Byers, president and chief executive officer. “Policy demand in our industry segment, and particularly in our core markets, continues to be robust. As expected, we experienced both high policyholder retention and premium growth, the latter as a result of pricing improvements, in our core medical professional liability insurance markets. Overall, we are pleased with the progress in our insurance segment. In addition, our reciprocal management and third-party administration segments performed well. We are pleased with our solid first quarter results.”
The company recorded a 17 percent increase in direct and assumed premiums written and a 14 percent increase in net premiums written in the first quarter of 2003, before the portion ceded under the finite reinsurance agreement. It also increased revenues and profits from reciprocal management and third-party administration segments.
FPIC said it continued to enjoy high policyholder retention levels, adding that pricing improvements contributed to premium growth. Overall, claims results were in line with expectations. The company plans to continue focusing on claims management and overall operational efficiencies.
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