Bancinsurance Corp. of Columbus, Ohio, which had a $500 net loss in the year-earlier period, reported a first-quarter profit of $1.5 million Monday.
The specialty property and casualty insurance holding company said earnings per share were 30 cents.
Net premiums fell 13.5% compared with the year-earlier quarter, to $10.9 million, due to a decrease in ultimate loss insurance and creditor-placed insurance premiums.
Ultimate loss insurance premiums fell $2.4 million because of lower lending volumes for certain financial institution customers.
The drop in premiums was partially offset by a $700,000 increase in net premiums earned for Bancinsurance's guaranteed auto protection insurance product line.
John S. Sokol, Bancinsurance's president, said net income rose because losses are down since the discontinuation of the firm's bond program in the fourth quarter.
