Bermuda-based CastlePoint Holdings, Ltd. reported net income of $10.5 million and diluted earnings per share of $0.27 for the second quarter of 2007. For the first six months of 2007 CastlePoint’s net income was $17.6 million and diluted earnings per share of $0.51.
The bulletin noted the following “Key Highlights”:
— Net premiums written for the quarter were $80.5 million, compared to $72.7 for the same period in the prior year. (Net premiums written during the second quarter of last year included $40.9 million of unearned premium reserves which was transferred from Tower. Excluding this amount, the net premiums for the second quarter of 2006 was $31.8 million.)
— 21 percent of total written premiums year-to-date were generated from clients other than Tower.
— Consolidated combined ratio was 93.0 percent for the quarter.
CEO Michael H. Lee commented: “Our strong second quarter operating results reflect continued profitable growth from Tower, our largest client, as well as continued growth from clients other than Tower. We are especially pleased with the favorable trends that we are seeing from our risk sharing and program business. Because our business solutions are unique and customized to meet the needs of our clients, we believe we are well positioned to take advantage of current market opportunities.”
The full report is available on the Company’s web site at:
Source: CastlePoint Holdings
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