Reinsurance company Maiden Holdings Ltd. said Tuesday it rose to a profit for the third quarter as revenue surged and investment losses were minimized.
The Hamilton, Bermuda-based company posted net income of $15 million, or 21 cents per share, compared with a loss of $27.5 million, or 46 cents per share, a year ago. The results included investment losses of $66,000, significantly less than the $42.5 million reported a year ago.
Revenue jumped to $254.1 million from $80 million the year before.
Operating earnings, which exclude foreign exchange effects and certain other gains and losses, totaled $16.5 million, or 23 cents per share, in the latest period. On that basis, analysts surveyed by Thomson Reuters had expected profit of 24 cents per share.
Net written premiums nearly doubled to $221.4 million from $113.2 million. Net investment income was $16.8 million, up from nearly $9 million a year earlier.
Maiden Holdings shares rose 4 cents to close at $7.20.
Copyright 2009 AP News
