Scpie Shares Up on Earnings

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Shares of Scpie Holdings shot up Thursday after the medical malpractice insurer reported declining losses in its assumed reinsurance business.


The Los Angeles insurer reported fourth quarter net income of $4 million (41 cents per share), a 25 percent increase from $3.2 million (33 cents) for the same period a year earlier, mainly due to the reduced reinsurance losses.


Net premiums for the Los Angeles-based provider of healthcare liability insurance dipped 3 percent to $30 million.


Shares in Scpie rose $1.38, or 6 percent, to $22.88 in afternoon trading Thursday on the New York Stock Exchange.

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