American Physicians Service Group (AMPH) Maintains Outperform Rating
March 02, 2010 10:49 AM
Oppenheimer analyst Michael Nannizzi maintained his Outperform rating for shares of American Physicians Service Group (Nasdaq: AMPH).
The Oppenheimer analyst noted that American Physicians Service Group beat Oppenheimer's estimate for 4th quarter 2009 earnings.
Nannizzi went on to say that, "fourth-quarter revenues were in line with our estimates, despite lower than expected written premiums, which probably reflect underwriting decisions as opposed to sizable rate decreases across the company's renewal book of business. The combined ratio was 48.1% in the quarter and just under 80% excluding favorable development. Additionally, frequency trends appear to remain favorable, at similar levels to the comparable quarter in 2008 after adjusting for a 19% increase in policyholders."
