United America Indemnity, Ltd.
Consolidated Statements of Operations
(Dollars and shares in thousands, except per share data)
For the Three Months For the Nine Months
Ended September 30, Ended September 30,
2007 2006 2007 2006
Gross premiums written $140,915 $167,862 $442,134 $494,715
Net premiums written $122,568 $145,654 $387,137 $423,679
Net premiums earned $133,449 $137,327 $408,471 $406,508
Investment income, net 19,870 15,569 58,055 47,184
Net realized investment
gains (losses) (614) (1,423) 1,153 (1,384)
Total revenues 152,705 151,473 467,679 452,308
Net losses and loss
adjustment expenses 74,511 75,643 231,596 235,071
Acquisition costs and
other underwriting
expenses 43,376 43,591 130,920 129,754
Corporate and other
operating expenses 3,080 2,844 9,537 10,970
Interest expense 2,770 3,063 8,574 8,741
Income before
income taxes 28,968 26,332 87,052 67,772
Income tax expense 4,664 5,228 14,688 8,961
Net income before minority
interest and equity in net
income of partnership 24,304 21,104 72,364 58,811
Equity in net income
(loss) of pa
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