NYMAGIC, Inc., an insurance holding company specializing in ocean and inland marine and aircraft coverage, announced that “total revenues for the fourth quarter ended December 31, 2001 increased 21% to $39.5 million from $32.8 million for the fourth quarter of 2000.”
Full year revenues increased 8% to $108.5 million from $100.7 million for the same period in 2000. “Included in the above were increases in total revenues from U.S. operations of 50% and 28%, respectively, over the amounts reported for the fourth quarter and year ended December 31, 2000,” said the company.
Net earnings for the fourth quarter were $2.8 million and net operating income also rose to $1.4 million compared to losses of $6.3 million and $7 million respectively for the same period in 2000.
Full year results, however showed net losses of $13.3 million, compared with a net loss of $5.5 million in 2000, and an operating loss of $15 million. NYMAGIC was one of a great number of insurers hit by Sept. 11. “Operating losses for the year ended December 31, 2001 include after-tax losses of $9.0 million, or $.98 per diluted share, resulting from the World Trade Center terrorist attack,” said the company’s announcement.
Chairman and CEO Robert W. Bailey, however,expressed optimism for the future. Commenting on the figures, he stated, “We are quite pleased with our most recent quarter results from U.S. operations. The return to profitability was buoyed by an increase of 48% in quarterly gross writings from U.S. operations. This included a 47% increase in our ocean marine class which is the best we’ve seen in years. Aviation rates have remained firm with increases, at times, more than doubling. All other classes are seeing pricing improvements including ocean marine, excess and surplus lines, inland marine and professional liability lines.”