21st Century Holding: First-Quarter Loss Driven by Reinsurance Costs

18.05.10

High reinsurance costs and Florida-mandated mitigation credits given to homeowners drove 21st Century Holding Co. to a first-quarter net loss of $927,000, but the company's chief executive thinks the reinsurance market is ready to turn around.

"Ample capacity has returned to the reinsurance market, which we believe will push down reinsurance costs," said Michael H. Braun, president and chief executive officer, in a conference call. The holding company reported $303,000 in profit at this time last year.

Late last month, 21st Century (NASDAQ: TCHC) said it would not go through with a previously announced purchase of HomeWise Insurance Co. and HomeWise Management Co. in a move the company said would have diversified 21st Century and decreased reinsurance costs since the insurer is mostly a South Florida company (BestWire, April 27, 2010).

Braun said 21st Century, of Lauderdale Lakes, Fla., has primarily been a writer in Dade, Broward and Palm Beach counties but continues to diversify

Source: Insurance News Net (press release)

Homeowners Insurance 101

Learn the basics about homeowners insurance in a flash. Hear from a one of the nation's top insurance advisors who will explain why homeowners ...

Top Homeowners Insurance - News


Universal Insurance Holdings, Inc. Subsidiary UPCIC to Offer Homeowners ... MarketWatch (press release)
- Sep 01, 2010
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNH9eNV9tBGq__yBxOWGUGvdWmEpIgamp;url=http://www.marketwatch.com/story/universal-insurance-holdings-inc-subsidiary-upcic-to-offer-homeowners-insurance-through-geico-agents-in-north-carolina-2010-09-01?reflink%3DMW_news_stmpbUniversal bInsurance/b Holdings, Inc. Subsidiary UPCIC to Offer bHomeowners/b b/b/b/abr /font size=-1bfont color=#6f6f6fMarketWatch (press release)/font/b/fontbr /font size=-1quot;GEICO is one of the most widely recognized binsurance/b organizations in the country, and we are pleased to offer our bhomeowners/b products in North Carolina b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dv2J-dJ_X3tSAlMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

White urges state approval of insurance rates Dallas Morning News
- Aug 27, 2010
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serifa href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNG43u0obqU6QLSoCRr1enIFYIZG9wamp;url=http://www.texastribune.org/texas-politics/2010-texas-governors-race/texas-governor-race-tied/img src=http://nt3.ggpht.com/news/tbn/m23WzQ08r33vYM/6.jpg alt= border=1 width=80 height=80 /br /font size=-2Texas Tribune Blogs (blog)/font/a/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEQpMlykZdAqrymRdWYxWBYuemN2wamp;url=http://www.dallasnews.com/sharedcontent/dws/news/politics/local/stories/DN-insurance_27met.ART0.State.Edition1.3579d20.htmlbWhite urges state approval of binsurance/b rates/b/abr /font size=-1bfont color=#6f6f6fDallas Morning News/font/b/fontbr /font size=-1quot;We need a governor who will stick up for the homeowners. bHomeowners insurance/b is like a hidden tax on home ownership.quot; Texans pay the second-highest b/b/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNE3xTPrcfXv7UK0fBXdj7DcHBNNyQamp;url=http://www.insurancejournal.com/news/southcentral/2010/08/27/112820.htmbHomeowners Insurance/b an Issue in Texas Gubernatorial Campaign/afont size=-1 color=#6f6f6fnobrInsurance Journal/nobr/font/fontbr /font size=-1a href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNGpVanj46b-FEHvecmGYlNPGETxuAamp;url=http://www.star-telegram.com/2010/08/26/2428125/white-proposes-prior-approval.htmlWhite proposes prior approval for raising bhomeowners insurance/b rates/afont size=-1 color=#6f6f6fnobrFort Worth Star Telegram/nobr/font/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dQI2h1TbW1VYCWMQnX0KY6hRSZ9WMnobrball 261 news articlesnbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Top Spin 4 announced, features uncanny realism Destructoid
- Sep 07, 2010
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNHijE7BGXWJHzBBhoUIOZY-CA6DRAamp;url=http://www.destructoid.com/top-spin-4-announced-features-uncanny-realism--183273.phtmlbbTop/b Spin 4 announced, features #39;uncanny realism#39;/b/abr /font size=-1bfont color=#6f6f6fDestructoid/font/b/fontbr /font size=-1And if you#39;re playing tennis in your house, I hope you have bhomeowners insurance/b, because I suspect you#39;re going to make a mess. b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dn2xziBmxKbvcbMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

Pa. and NJ are in the top 10 of closing costs, a survey says. Philadelphia Inquirer
- Sep 03, 2010
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNEmbHH9mqL3bbXcg47ZtlfMgW74Ngamp;url=http://www.philly.com/inquirer/business/20100903_Pa__and_N_J__are_in_the_top_10_of_closing_costs__a_survey_says_.htmlbPa. and NJ are in the btop/b 10 of closing costs, a survey says./b/abr /font size=-1bfont color=#6f6f6fPhiladelphia Inquirer/font/b/fontbr /font size=-1The survey excludes property taxes, recording fees, bhomeowners/b#39; binsurance/b, and prepaid items such as a partial month#39;s mortgage interest. b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dqyplMYMI1rGbIMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table

FAIR plan remains unfair Cape Cod Times
- Sep 09, 2010
table border=0 cellpadding=2 cellspacing=7 style=vertical-align:top;trtd width=80 align=center valign=topfont style=font-size:85%;font-family:arial,sans-serif/font/tdtd valign=top class=jfont style=font-size:85%;font-family:arial,sans-serifbr /div style=padding-top:0.8em;img alt= height=1 width=1 //divdiv class=lha href=http://news.google.com/news/url?sa=tamp;fd=Ramp;usg=AFQjCNHhG3hlPToaczexYFt5Hzz_CT2FSQamp;url=http://www.capecodonline.com/apps/pbcs.dll/article?AID%3D/20100909/OPINION/9090331/-1/NEWSMAPbFAIR plan remains unfair/b/abr /font size=-1bfont color=#6f6f6fCape Cod Times/font/b/fontbr /font size=-1b/b be financially quot;wind damagedquot; in a real storm if Earl had hit — the ones who are victimized by the state Legislature#39;s changes to bhomeowner insurance/b. b/b/fontbr /font size=-1 class=p/fontbr /font class=p size=-1a class=p href=http://news.google.com/news/more?pz=1amp;ned=usamp;ncl=dILDANwGNQTSgvMnobrband morenbsp;raquo;/b/nobr/a/font/div/font/td/tr/table