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

e nine months ended September 30, 2007 increased 17.8% to $71.8 million ($1.91 per diluted share), compared with $61.0 million ($1.64 per diluted share) for the same period in 2006. Operating income for the nine months ended September 30, 2007 includes a $20.8 million pre-tax increase ($15.9 million after tax or $0.43 per diluted share) due to the decrease in net loss and loss adjustment expense and the reinsurance reserve allowance resulting from favorable loss trends relative to prior accident years. Operating income for the nine months ended September 30, 2006 includes a $5.0 million pre-tax increase ($3.3 million after tax or $0.09 per diluted share) due to a reduction in net prior year loss reserves of $2.0 million and a reduction in the reinsurance reserve allowance of $3.0 million.

The Company's net income for the nine months ended September 30, 2007 increased 3.4% to $72.5 million ($1.93 per diluted share), compared with $70.1 million ($1.89 per diluted share) for the same period in 2006. Net income for the nine months ended September 30, 2007 includes $0.7 million of after-tax net realized investment gains, compared to $0.9 of after-tax net realized investment losses in the corresponding period of 2006. Net income for the nine months ended September 30, 2006 included a $10.1 million after-tax gain resulting from the sale of substantially all of the assets of Penn Independent.

Net investment income for the nine months ended September 30, 2007 increased by 23.0% to $58.1 million compared to $47.2 million for the same period in 2006. Net investment income includes $0.4 million and $2.8 million in limited partnership distributions for the nine months ended September 30, 2007 and 2006, respectively. Excluding limited partnership distributions, net investment income increased 29.9% compared to the same period in 2006.

The Company's combined ratio, a key measure of insurance profitability, was 88.8% for the nine months ended September 30, 2007, c
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SOURCE United America Indemnity, Ltd.
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