GEORGE TOWN, Cayman Islands, Oct. 24 /PRNewswire-FirstCall/ -- United America Indemnity, Ltd. (Nasdaq: INDM) today reported results for the third quarter of 2007. The Company also announced that its Board of Directors has authorized the Company to invest up to $50 million in the Company's common shares through a share repurchase program.
Selected financial data for the third quarter 2007 included:
-- A 6.4% increase in operating income to $24.4 million or $0.65 per
diluted share, compared to $22.9 million or $0.62 per diluted share
recorded in the third quarter of 2006.
-- A 25.3% decrease in net income to $24.0 million or $0.64 per diluted
share, compared to $32.1 million or $0.86 per diluted share in the
third quarter of 2006, which included a $10.1 million after-tax gain
resulting from the sale of substantially all of the assets of Penn
Independent Corporation ("Penn Independent").
-- A combined ratio of 88.3% compared to 86.8% in the third quarter of
-- A 16.1% reduction in gross premiums written to $140.9 million compared
to $167.9 million in the third quarter of 2006.
-- A reduction in net prior year loss reserves of $5.3 million and a
reduction in the reinsurance reserve allowance of $1.6 million.
Financial Highlights for the nine months ended September 30, 2007 included:
-- A 17.8% increase in operating income to $71.8 million or $1.91 per
diluted share, compared to $61.0 million or $1.64 per diluted share for'/>"/>
|SOURCE United America Indemnity, Ltd.|
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