The Loyalist Insurance Group Limited has announced a first quarter revenue of $16,346 compared to $125,166 for the same period in 2008. The proceeds received for the sale of the assets of a subsidiary in 2008 were recorded in the "other items" in the financials. Gross cash sale proceeds were over $4.7 million.

After eliminating the goodwill being carried for those assets as investments being $1.2 million, net sale proceeds were $3.4 million.

On January 30, 2009, the Company received over $99,000 from the Company's directors’ and officers' liability insurer representing 50 percent of all monies paid in relation to a lawsuit that was settled in 2008.

The net income for the Company for the first quarter ending March 31, 2009 was slightly more than $17,800 compared with a net income of over $2.6 million in 2008. The results for the same quarter ending March 31, 2008 were significantly impacted from the gain on sale of the customer list in early January 2008.