Ohio Casualty’s Q1 Profit Down From Year Ago

Fairfield-based insurer Ohio Casualty Corp. announced the following results for its first quarter, compared with the same period of the prior year: Net income of $19.2 million, or 31 cents per diluted share, versus $19.9 million, or 33 cents per diluted share; all lines statutory combined ratio of 100.7 percent, an 8.1 point improvement; and net income before net realized gains of $16.8 million versus $7.4 million, a $9.4 million or 127 percent increase.

CEO Dan Carmichael boasted that the combined ratio was the company’s best quarterly effort since the fourth quarter of 1996.

Other highlights

For the first quarter of 2004 compared to the first quarter of 2003:
—Catastrophe losses decreased to $3 million from $11.1 million;
—Employee headcount was down 17.4 percent to 2,361;
—GAAP book value per share of $20.17 has increased 14.7 percent;
—Premiums to surplus ratio improved to 1.6 to 1 from 1.9 to 1.

The company predicted flat or single-digit growth in net written premium for the rest of 2004.