SeaBright Insurance Holdings Pleased with Q1 Numbers

Seattle-based SeaBright Insurance Holdings Inc. announced results for the first quarter ended March 31, 2005.

For the first quarter of 2005, net income was $2.7 million or $0.18 per share on a diluted basis. For three months ended March 31, 2004, the company reported net income of $354,000 or $0.05 per share on a diluted basis. Total revenue for the first quarter of 2005 increased to $32.2 million versus $10.7 million in the year-earlier period.

Loss and loss adjustment expenses totaled $20.3 million in the first quarter of 2005 versus $6.6 million in the same period in 2004. Total underwriting expenses for the first quarter of 2005 were $6.4 million compared to $2.5 million in the prior year period. The net combined ratio for the first quarter of 2005 was 89.2% compared to 93.7% for the same period in 2004.

“We are pleased with our progress and the continued marketplace reception to our niche workers’ compensation products. Our first quarter results are very much in-line with our 2005 business plan,” said John Pasqualetto, SeaBright’s chairman, president and CEO.

SeaBright Insurance Holdings Inc. is an insurance holding company whose wholly owned subsidiary, SeaBright Insurance Company, operates as a specialty provider of multi-jurisdictional workers’ comp insurance.