EGI Financial increases direct written premiums

EGI Financial Holdings Inc. has reported a 15.5% increase in direct written and assumed premiums — from Cdn$36.6 million in 2006 Q2 to Cdn$42.3 million in 2007 Q2.

The increase is attributed to a growth in motorcycle premiums in Ontario, new reinsurance treaties with AssuranceAmerica and continued significant growth in the Niche Products division, which offset the weakness in Ontario non-standard auto business.

“The strong growth in premiums and net income achieved in the second quarter of 2007, while maintaining profitability, is validation of our strategy to diversify our business beyond the Ontario non-standard automobile market,” Douglas McIntyre, EGI Financial’s CEO, said in a release. “While underwriting results in the P&C insurance industry are trending down toward the industry’s historic norms, EGI’s new businesses are driving steady growth.”