SeaBright Insurance Holdings Reports Second Quarter 2005 Results

July 27, 2005

SeaBright Insurance Holdings Inc. announced results for the second quarter ended June 30, 2005.

For the second quarter of 2005, net income was $4.2 million, or $0.25 per share on a diluted basis, compared to net income of $967,000, or $0.14 per share on a diluted basis, for the same period in 2004. Total revenue for the second quarter of 2005 increased to $43.1 million, versus $17.9 million in the year-earlier period.

Loss and loss adjustment expenses totaled $27.0 million in the second quarter of 2005, versus $11.4 million in the same period in 2004. Total underwriting expenses for the second quarter of 2005 were $8.6 million, compared to $3.7 million in the prior-year period. The net combined ratio for the second quarter of 2005 was 88.0 percent, compared to 89.7 percent for the same period in 2004.

For the six months ended June 30, 2005, net income was $6.9 million, or $0.44 per share on a diluted basis, compared to net income of $1.3 million, or $0.19 per share on a diluted basis, for the six months ended June 30, 2004. Total revenue for the 2005 six-month period was $75.3 million, versus $28.6 million in the corresponding period a year ago.

Loss and loss adjustment expenses totaled $47.3 million for the six-month period ended June 30, 2005, versus $18.0 million in the same period in 2004. Total underwriting expenses were $15.0 million for the first six months of 2005, compared to $6.2 million in the same period last year. The net combined ratio for the six months ended June 30, 2005, was 88.5 percent, compared to 91.2 percent for the same period in 2004.

John Pasqualetto, SeaBright’s chairman, president and CEO, said, “Our second quarter results, similar to the first quarter, were driven by strong demand for our workers’ compensation services and products, particularly in the California market. We have moved forward with our planned expansion in the second quarter, opening our new Chicago regional office and effectively entering the Midwest market. Our results continue to track well against our 2005 plan and our management team’s commitment to profitable growth and shareholder value.”

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