Revenue during the quarter surged 181.41 percent to $393.81 million from $139.94 million in the previous year period. Operating margin for the quarter period stood at positive 10.72 percent as compared to a negative 33.86 percent for the previous year period.

Operating income for the quarter was $42.21 million, compared with an operating loss of $47.39 million in the previous year period.

However, the adjusted EBITDA for the quarter stood at $244.22 million compared with $109.43 million in the prior year period. At the same time, adjusted EBITDA margin contracted 1618 basis points in the quarter to 62.02 percent from 78.19 percent in the last year period.

Bruce Lucas, the Company’s Chairman and Chief executive officer, said, “The first quarter is marked by some very favorable developments. Year over year, our loss ratio improved 13.9 points. We ended the quarter with a 30.2% loss ratio, which was better than our previous forecast. Tri-County continues to lead Florida in assignment of benefits and other abusive claims practices. However, as a result of underwriting actions that we initiated a year ago, our Tri-County claims were down approximately 30% compared to the first quarter of 2016. This trend is encouraging and helps to improve our underwriting profit while decreasing costly AOB claims. We have initiated two rate increases that are targeted to the Tri-County and results have been positive thus far as there has been a slight decrease in our policy retention rate countered by an increase in average premium per policy. This approach should benefit the Company as we move forward. We have almost completed our 2017 reinsurance program and we are anticipating meaningful savings compared to the 2016 treaty. Our voluntary production continues to grow and is further diversifying our risk profile. We are off to a great start in 2017.”