Loyalist Insurance Group reports 2006 Q3 revenues dip

The Loyalist Insurance Group Limited has announced its 2006 Q3 revenues decreased to Cdn$449,380 from Cdn$488,331 for 2005 Q3.
“The decrease, in part, was due to the sale of a small portion of the customer list to a former employee,” the company announced in a press release.
In July 2006, the company negotiated a sale of a minor portion of its book of business to a former employee for cash consideration of approximately Cdn$174,000.
Loyalist’s total expenses for 2006 Q3 were Cdn$520,450 compared to $490,597 for the same quarter in 2005. “This was primarily due to increased expenses in the subsidiary, [as well as] increased personnel, legal and accounting fees incurred by the company.”
In September 2003, Loyalist Insurance Brokers Limited sold the assets of its St. Catharine’s division, comprising a note receivable for Cdn$100,000 due Oct. 8, 2006 and the remainder in cash.
The company’s net income from operations was Cdn$143,953 compared with a net income of Cdn$48,694 in the same quarter of the prior year.
The Company charges management fees to its subsidiary, Loyalist Insurance Brokers Limited. “As of Oct. 31, 2006, the subsidiary successfully renewed a significant account well in excess of $1 million in premium,” Loyalist announced.
The Loyalist Insurance Group Limited is a financial services holding company primarily involved through its subsidiary in the retail insurance brokerage business.