Navigation Links
FinCor Holdings Posts Strong Fourth Quarter and Year-End Results

-- Book value per share up 19.4 percent

-- Annual revenues increased 5.7 percent

-- Net income up 7.4 percent for 2007

LANSING, Mich., March 28 /PRNewswire/ -- Leading health care risk management and insurance provider FinCor Holdings Inc. reported its quarterly and year-end results for the period ended Dec. 31, 2007, highlighted by solid increases in revenues and net income.

Fiscal Year 2007 Highlights

The Company posted a 7.4 percent increase in net income on a 5.7 percent increase in revenues for the year ended 2007. FinCor reported total revenues of $97.2 million for 2007, up from $91.9 million in 2006. FinCor reported net income of $15.1 million, or $23.57 per diluted share during 2007, compared with $14.1 million, or $22.89 per diluted share, in the prior year.

The increase in revenues was primarily driven by the inclusion of its Washington Casualty Company (WCC) subsidiary's book of business for the full year. FinCor acquired WCC in October 2006. The Company also noted that positive cash flow from operations allowed for significant increases in the amount of investment income generated during the year.

The Company's combined ratio declined 10.7 percentage points to 80.7 percent for the year, from 91.4 percent for the year ended 2006. This improvement was primarily due to the recognition of $31 million of favorable reserve development in 2007, compared to $18 million of favorable reserve development during 2006. The combined ratio is the sum of incurred losses and underwriting expenses divided by earned premiums and is considered a key measure of an insurer's health and profitability. A combined ratio of less than 100 percent indicates the company is making an underwriting profit.

Other key factors contributing to the Company's success included the April 2007 acquisition of the Insurance Services and Employee Safety and Disability Management divisions of the MHA Service Corporation, which significantly increased the amount of income the company realized in 2007. FinCor Holdings added that while it faces ongoing price-based competition in its markets, its overall renewal rate continues to exceed 90 percent.

Return on common equity for the year ended 2007 was 15.6 percent compared to 17.5 percent for 2006. Book value per share increased $28.09, or 19.4 percent, and total assets increased 7.9 percent to $541.4 million during 2007.

In September, FinCor Holdings was named to the first-ever Inc. 5,000 list of the fastest-growing private companies in the United States. Inc. reported FinCor had an impressive three-year growth rate of more than 74 percent on revenues of $52.8 million in 2003. FinCor was ranked 26th relative to other insurance companies on the Inc. 5,000 list and was among the top 10 in revenue in the insurance category.

Fourth Quarter 2007 Results

FinCor's fourth-quarter revenues increased 9.3 percent to $24.6 million, compared to $22.5 million for the same period in 2006. However, net income for the quarter ended Dec. 31, 2007, decreased to $3.6 million, or $5.06 per diluted share, down from $5.6 million, or $8.39 per diluted share, for the fourth quarter of 2006.

The Company noted that fourth-quarter and year-to-date earnings were negatively impacted by a one-time $1.9 million after-tax charge associated with its switch from a multi-employer pension plan to a stand-alone, single- employer pension plan.

"We are extremely pleased with the Company's performance for the year," said Thomas Dickinson, FinCor Holdings president and CEO. "Our acquisition strategy, excellent client retention rate and increased revenue from other income sources such as our Risk Management and Patient Safety Institute and FinCor Solutions have offset the challenges we're seeing as a result of a soft market. This multi-pronged strategy coupled with stable claims trends in the market made for a strong year and gives us positive momentum heading into 2008."

About FinCor Holdings

FinCor Holdings Inc. is a Lansing, Mich.-based integrated risk management corporation offering insurance protection and clinical risk management programs to meet the needs of today's health care providers.

FinCor Holdings and its subsidiaries -- FinCor Solutions, The Risk Management and Patient Safety Institute, MHA Insurance Company, Washington Casualty Company and Capital Risk Solutions -- provide industry-leading insurance products and support services, including medical professional liability insurance, workers' compensation insurance and risk management solutions to clients nationally. With its focus on providing clients with financial loss protection and clinical risk reduction, FinCor Holdings has built an outstanding reputation for serving the needs of the health care industry.

For more information, visit .

SOURCE FinCor Holdings Inc.
Copyright©2008 PR Newswire.
All rights reserved

Related medicine news :

1. FinCor Holdings Posts Double-Digit Increases in Revenue and Net Income for Third Quarter
2. Batesville Holdings, Inc., Appoints Doug Wilson Senior Vice President Human Resources
3. XELR8 Holdings Announces Fiscal 2007 Financial Results
4. Allied Security Holdings LLC to Hold a Conference Call to Discuss Fiscal Year 2007 Results on Thursday, March 27, 2008 at 11:00 AM EDT
5. China RuiTai International Holdings Retains CCG Elite for Investor Relations Services
6. Linden Announces Sale of Ranir to Kayak Holdings
7. Batesville Holdings Announces New Board of Directors in Preparation for March 31 Spin-Off from Hillenbrand Industries
8. Flagship Global Health and China HealthCare Holdings Form Strategic Alliance
9. Previously Disclosed Changes in Board Composition of NightHawk Radiology Holdings, Inc. Prompt Notice of Noncompliance from the Nasdaq Global Market
10. Zimmer Holdings to Present at Upcoming Investor Conferences
11. HMS Holdings Corp. to Present at Bank of America 2008 SmidCap Conference
Post Your Comments:
(Date:11/29/2015)... ... November 29, 2015 , ... ... analog distortion effect tool designed specially for Final Cut Pro X. FCPX ... looks with the easy-to-use modification controls. Destoying and creating chaotic distortion is now ...
(Date:11/29/2015)... ... ... Effective immediately, every single IguanaMed scrub style will be available at Target ... a “Buy One Scrub Set, Get the 2nd Scrub Set 50% Off” for a ... discounted price. , IguanaMed’s mission is to outfit every healer around the ...
(Date:11/29/2015)... ... November 29, 2015 , ... Key Housing, a top-rated corporate housing ... December, 2015, featured apartment community: Epic. In showcasing this featured apartment community in San ... Bay Area rental market to efficiently find housing suitable to their needs by showcasing ...
(Date:11/28/2015)... San Diego, California (PRWEB) , ... November 28, ... ... cloud-based medical image exchange technology and teleradiology services, has added Chris Hafey and ... prepares to exhibit at the Radiological Society of North America (RSNA) 2015 Annual ...
(Date:11/28/2015)... ... ... Safe storage for contraceptive devices may not always be easy to find. However, ... other from Bradley Beach, New Jersey, there is an easy solution to the problem. ... NuvaRings more often than necessary. As such, it affords peace of mind and eliminates ...
Breaking Medicine News(10 mins):
(Date:11/27/2015)... 2015 Une nouvelle approche ... Bremachlorin contre le cancer avancé.    ... l,immunothérapie au traitement photodynamique au Bremachlorin contre le ... Une nouvelle approche consistant à combiner l,immunothérapie au ...    Clinical Cancer Research . ...
(Date:11/27/2015)... NEW YORK , November 27, 2015 ... health system is set to go online. The potential ... and processes is vast and far from fully exploited ... access to patient health records, either via mobile tablet ... ) --> ) ...
(Date:11/27/2015)... Niederlande, November 27, 2015 ... bei fortgeschrittenem Krebs.   --> Ein ... fortgeschrittenem Krebs.   --> Ein ... fortgeschrittenem Krebs.   Clinical Cancer Research ... Clinical Cancer Research vom 6. November ...
Breaking Medicine Technology: