Protective Insurance Swings to Loss
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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCarmel-based Protective Insurance Corp. (Nasdaq: PTVCA, PTVCB) is reporting a full-year net loss of $34.1 million in 2018, compared to net income of $18.3 million the previous year. The results follow a year that included a rebranding effort for the company and the resignation of Chief Executive Officer Randy Birchfield.
Despite the drop, Protective Insurance says net premiums for the year increased nearly 32 percent. The company attributes the increase to continued growth in its commercial automobile and workers’ compensation products in both its retail and program distribution channels.
The company is also reporting a fourth quarter net loss of $24.6 million, compared to net income of $16.5 million in the fourth quarter of 2017. You can connect to the full earnings report by clicking here.