Net income increases 88% and net premiums written increase 22% over the
comparable year-earlier quarterly results
FARMINGTON, Conn., Feb. 27 /PRNewswire-FirstCall/ -- Darwin
Professional Underwriters, Inc. ("Darwin," the "Company," or "Our") (NYSE:
DR) today announced its financial results for the fourth quarter ended
December 31, 2007. Highlights include:
(Logo: http://www.newscom.com/cgi-bin/prnh/20060829/NETU014LOGO )
-- Gross premiums written for the fourth quarter are $70.8 million. Fourth
quarter gross premiums written are 12.6% ahead of our gross premiums
for the same period a year ago. Net premiums written for the quarter of
$51.2 million are up 22.2% over the fourth quarter of 2006.
-- Net income of $10.9 million for the quarter ended December 31, 2007
represents an 88.3% increase over the $5.8 million for the quarter
ended December 31, 2006 and our highest net income in our approximately
five-year operating history.
-- Overall, the combined ratio is 77.2% for the fourth quarter 2007, which
compares favorably to the fourth quarter 2006 combined ratio of 89.2%.
The combined ratio improvement is primarily driven by a decrease in the
loss ratio (11.2% improvement to 50.1%). The fourth quarter combined
ratio improvement includes approximately $6.8 million ($4.4 million,
net of tax) in favorable loss reserve development and the corresponding
ceded premiums, offset by additional incentive compensation and profit
sharing expenses stemming from the favorable development of the 2003
through 2006 accident years.
-- Earnings per diluted share for the three months ended December 31, 2007
are $0.64 compared to $0.34 per share for the same period in 2006. For
the full year, ea
|SOURCE Darwin Professional Underwriters, Inc.|
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