1347 Property Insurance reports first-quarter profit

Baton Rouge-based 1347 Property Insurance Holdings Inc. reported first-quarter earnings jumped to $1.7 million, or $1.17 per share, compared to a loss of $1 million, or 97 cents per share, a year ago.

The company sells homeowners’ through wholly-owned subsidiary Maison Insurance Co. 1347’s results were aided by significant increases in direct premiums written in Louisiana, the firm’s core market, Chief Executive Officer Douglas N. Raucy said. The company reported direct written premiums of $5.7 million, compared to $400,000 a year earlier.

1347 had 13,900 policies in force as of March 31, an increase of 20.9 percent.

The company went public on March 31, netting $15.1 million from sales of its shares.