Fremont Michigan InsuraCorp, Inc. reported net income of $1.9 million, or $1.07 per share, in the fourth quarter of 2009. The company earned only $0.23 million, or $0.13 per diluted share, in the same quarter in 2008.
Fremont Michigan InsuraCorp, Inc. earned $4.2 million, or $2.38 per diluted share, for the full year 2009, compared to $3.77 million, or $2.08 per diluted share, in 2008. Revenues were $56.9 million in 2009, up 13.4% from a year earlier.
“We are pleased with our growth in 2009, especially in a year characterized by significant economic challenges in the insurance industry and in our markets across Michigan. Our financial results capped a year of accomplishments for Fremont.” Richard E. Dunning, the CEO of Fremont Michigan InsuraCorp, Inc.
Fremont Michigan InsuraCorp, Inc. also saw a strong recovery in its investment portfolio, which was damaged by the recession and financial crisis in the United States. The company said that the value of the portfolio increased by $4 million over the last 12 months.
Fremont Michigan InsuraCorp, Inc. is headquartered in Freemont, Michigan, and is a holding company that owns the Fremont Insurance Company. The company provides property and casualty insurance to businesses and individuals in Michigan.