21st Century's third quarter loss narrows

21st Century Holding reports $1.3m net loss compared to $4m for third quarter last year.

21st Century Holding, an insurance holding company, has reported a net loss of $1.3m or $0.16 per diluted share for the third quarter of 2010, compared to a net loss of $4m or $0.50 per diluted share, for the same quarter last year.

The total revenues for the third quarter of 2010 were $15.4m, compared to $13m for the same quarter of 2009.

Net premiums earned were $11.6mn for the third quarter of 2010, compared to $9.5m for the corresponding period of the last year.

21st Century CEO and president Michael Braun said although the company experienced a net loss this quarter, the results were affected by a number of favourable factors that should positively impact earnings in future quarters.

"These factors include results from actions taken to earn greater returns from our existing book of business, maintaining a disciplined approach to writing more profitable business and an improved reinsurance structure," Braun said.