Profits at San Antonio-Based Titan Holdings' Increased 34 Percent in 1996.(Originated from San Antonio Express-News)

Feb. 14--Growth in all its lines of business helped Titan Holdings Inc. book a profit of $14.2 million in 1996, up 34 percent from 1995.

Revenues for the year ended Dec. 31, 1996, rose 32 percent to $174.3 million, the San Antonio-based specialty property and casualty insurer reported Thursday.

Net income per share for the year was $1.48, an increase of 15 cents on 21 percent more shares outstanding than in 1995.

"We are continuing to expand distribution for our products while remaining focused on controlling expenses," chairman, president and chief executive officer Mark Watson Jr. said in a statement.

Titan Auto, which writes auto insurance for hard-to-insure drivers, produced 32 percent more premiums in 1996, thanks in part to new sales offices opened. Pending acquisitions will add three more markets this year.

Titan Public Entity, which insures small- to medium-sized cities and counties, wrote 14 percent more premiums in 1996, partly through a joint-venture agreement to sell workers compensation insurance in nine states.

Titan's premium finance subsidiary, Westchester Premium Acceptance Corp., had a 66 percent increase in premiums financed.

For the fourth quarter, Titan's net income rose 30 percent to $3.9 million on revenues that grew 33 percent to $47 million.

Earnings per share were 40 cents, up 2 cents on 24 percent more shares outstanding than in the comparable 1995 quarter.

The company's board of directors declared a quarterly cash dividend of 8 cents per share to be paid March 6 to shareholders of record as of Feb. 24.

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