Protective Insurance Swings to Quarterly Loss
Carmel-based Protective Insurance Corp. (NASDAQ: PTVCA, PTVCB) is reporting a first quarter net loss of $22.2 million, compared to net income of $2.7 million during the same period last year. Despite the drop, Chief Executive Officer Jeremy Johnson says the company is in a strong capital position as it continues to navigate through the COVID-19 pandemic.
The company says the loss includes items “that may not be indicative of ongoing operations.” Johnson says he is optimistic for the company’s future.
“This was an extraordinary quarter, and I’m proud of the contributions our employees have made to ensure our trucking customers continue to operate safely and effectively and deliver essential food, medical equipment and goods across the USA,” Johnson said in a news release. “While volatility in the equity markets impacted net income, I am pleased with the progress we’re making towards sustainable underwriting profitability, as reflected by the increase in profit in our core business operations.”
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