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United America Indemnity, Ltd. Reports Third Quarter 2007 Results and Share Repurchase Program
Date:10/24/2007

the three months ended September 30, 2007 decreased 25.3% to $24.0 million ($0.64 per diluted share), compared with $32.1 million ($0.86 per diluted share) for the same period in 2006. Net income for the three months ended September 30, 2007 includes $0.4 million of after-tax net realized investment losses, compared to $0.9 million of after- tax net realized investment losses in the corresponding period of 2006. Net income for the three months ended September 30, 2006 also included a $10.1 million after-tax gain resulting from the sale of substantially all of the assets of Penn Independent.

The Company's combined ratio, a key measure of insurance profitability, was 88.3% during the third quarter of 2007, compared with 86.8% for the third quarter of 2006. Excluding the impact of the reduction in net loss and loss adjustment expense and the reinsurance reserve allowance relating to prior accident years, the combined ratio for the third quarter of 2007 was 93.5%, compared to 90.4% for the third quarter of 2006.

Gross premiums written decreased 16.1% to $140.9 million in the current quarter from $167.9 million in the third quarter of 2006. Net premiums written decreased 15.8% to $122.6 million from $145.7 million in the third quarter of 2006.

The Company ended the third quarter of 2007 with cash and invested assets of $1,821.2 million, an increase of $164.6 million, or 9.9%, from December 31, 2006. Net investment income for the third quarter was $19.9 million. This represented an increase of 27.6%, compared to the same quarter in 2006, resulting from an increase in cash and invested assets as well as increased investment yields on its fixed income portfolio. Net investment income for the quarter ended September 30, 2007 did not include any limited partnership distributions. Net investment income for the quarter ended September 30, 2006 included $0.4 million in limited partnership distributions. Excluding limited partnership distributions, investment i
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SOURCE United America Indemnity, Ltd.
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