Ohio Casualty Corp. y reported a higher profit in the quarter ended Sept. 30.
The company announced $55.5 million in net income, or 85 cents per diluted share, in the third quarter, compared with $19.6 million, or 30 cents per diluted share, this time last year.
Operating income was $32.7 million versus $22.4 million in 2004, an increast of 46 percent.
In the first nine months of this year, net income was $135.4 million, or $2.02 per diluted share, compared to $71.5 million, or $1.07 per diluted share in 2004.
Net catastrophe losses for the current quarter were approximately $11.6 million on an after-tax basis, with approximately $9.8 million related to damage incurred from Hurricane Rita and $1.4 million from Hurricane Katrina. The total catastrophe loss impact added 4.9 points to the combined ratio for the current quarter.
The third quarter included $3.1 million in unfavorable development in loss and loss adjustment expense reserves for prior accident years, compared with favorable development of $3.1 million in the third quarter of 2004.
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