Business Services Industry
Madison, Wis.-Based Capitol Transamerica Corp. Reports Record Earnings.
Knight Ridder/Tribune Business News, February, 1999 by The Wisconsin State Journal
Knight Ridder/Tribune Business News
Feb. 9 -- Capitol Transamerica Corp., of Madison, reported record earnings of $19.4 million, or $1.72 cents a diluted share, for the year ended Dec. 31, 1998, up from $15.2 million earnings, or $1.35 a diluted share, for the previous year.
Gross premiums written declined, though, to $87.9 million for 1998 from $99.5 million in 1997.
A soft market as well as heavy rate competition are blamed for the drop, and chairman George Fait warned that pricing and competition "will bring unprecedented challenges" in 1999.
Capitol Transamerica is licensed to sell insurance in 36 states and has applications pending in two more states, Fait said.
For the fourth quarter, net income was $6.1 million, or 54...
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