Allcity Reports Q1 Net Loss

Brooklyn-based Allcity Insurance Company announced its operating results for the three month period ended March 31, 2003, reporting a net loss of $878,000 or $0.12 per share for the period, compared to a net loss of $1,271,000 or $0.18 per share for Q1 2002.

“Results for 2003 included $196,000 of net securities gains compared to $47,000 of net securities gains for the comparable 2002 period,” said the announcement.

Allcity said that “Net earned premium revenues of the Company were $12,000 and $1,907,000 for the three month periods ended March 31, 2003 and 2002, respectively.”

These figures “reflect the various previously announced actions taken by the Empire Group (which includes the Company and Empire Insurance Company, the Company’s parent) since 2000 to exit the insurance business, and a reduction to premium revenues to recognize retrospective reinsurance premiums of $415,000 and $228,000 for the three month periods ended March 31, 2003 and 2002, respectively,” said the announcement.

“Included in the Company’s pre-tax losses were net increases for loss and loss adjustment expenses for prior accident years of $374,000 and $450,000 for the three month periods ended March 31, 2003 and 2002, respectively,” the bulletin concluded.