Bermuda-based CastlePoint Holdings, Ltd. reported net income of $9.565 million and basic and diluted earnings per share of $0.25 for the first quarter of 2008. Operating earnings, which exclude capital gains/losses, for the period were $11 million and $0.29 per share.
Other earnings highlights included the following:
— Operating return on average equity for the first quarter was 10.5 percent.
— Net premiums written for the quarter were $118.1 million, an increase of 64.3 percent from the prior year period.
— The combined ratio for both reinsurance and insurance segments combined was 90.6 percent for the quarter.
— Realized and unrealized gains (losses) on investment was $2.979 million
CEO Michael H. Lee commented: “We are extremely pleased with our operating results for the first quarter due to our strong growth combined with excellent underwriting results. We are continuing to see strong demand for our products due to our unique approach to the business, especially from clients other than Tower.
“While the investment loss was a distraction to our strong operating results, we believe we have a very high quality investment portfolio and do not believe it will affect our results in 2008 in a meaningful way.”
For the complete report and further information go to: http://www.castlepoint.bm.
Source: CastlePoint Holdings
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