Bermuda-based CastlePoint Holdings, Ltd. reported net income of $10.3 million and basic and diluted earnings per share of $0.27 for the second quarter of 2008. Operating earnings for the second quarter of 2008 were $13.2 million and $0.35 per share.
Other “key operating highlights” were listed as follows:
— Operating income and operating earnings per share on a diluted basis increased by 25.5 percent and 29.6 percent, respectively, during the second quarter.
— Operating return on average equity for the second quarter was 12.6 percent.
— Net premiums written for the quarter were $128.1 million, an increase of 59.1 percent from the prior year period.
— The combined ratio for our reinsurance and insurance segments combined was 91.3 percent for the quarter.
Castle Point Holdings is in the process of being acquired by Tower Group, Inc. (TWGP), who originally established the Company in Bermuda in 2006 [See IJ web site – https://www.insurancejournal.com/news/national/2008/08/06/92536.htm].
In addition to the acquisition, the earnings report noted that “CastlePoint Re, our Bermuda-based reinsurance subsidiary, assumed 35 percent of Tower’s brokerage business as well as 50 percent of CastlePoint Insurance Company’s program business in the quarter.
Net premiums written increased by 43.0 percent to $95.8 million for the three months ended June 30, 2008, compared to $67.0 million for the same period in the prior year. The net combined ratio was 90.7 percent in the quarter as compared to 86.7 percent for the same prior year period.”
The full report is available on the Group’s web site at: http://ir.castlepoint.bm.
Source: CastlePoint Holdings
Topics Profit Loss
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