Throughout the first quarter of 2012 we continued to build capital, further strengthening our balance sheet with a preferred stock issuance in April, and we remain very confident in our financial flexibility. There are numerous signs that the market is firming, and we are well positioned to deploy our capital to profitable underwriting or share repurchases. We are also pleased that the Board approved a 13% increase in the quarterly common dividend to $0.17.”
Net income for the first quarter included $16.9 million, or $0.23 per diluted share, of catastrophe losses after tax resulting from the severe US storms in February and March. It also included $27.0 million or $0.37 per diluted share related to the losses from the Costa Concordia event. These losses were net of reinsurance recoveries, reinstatement premiums and taxes.
Net earned premiums were $495.4 million in the first quarter of 2012, up 9.5% compared with the first quarter of 2011.Prior year net reserve releases were $37.0 million in the first quarter of 2012 compared with $21.9 million of net reserve releases in the first quarter of 2011. Net investment income was $52.4 million in the quarter compared with $55.5 million in the first quarter 2011. Segment highlights Reinsurance Operating highlights for Reinsurance for the quarter ended March 31, 2012 include:
- Gross written premiums of $474.2 million, up 8.5% compared with $437.1 million for the first quarter of 2011
- Net earned premiums of $271.0 million, relatively unchanged from the first quarter of 2011
- Combined ratio of 79.8% compared with 178.2% for the first quarter of 2011
Select the service that is right for you!COMPARE ALL SERVICES
Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.
- Diversified model portfolio of dividend stocks
- Alerts when market news affect the portfolio
- Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.
- Real Money + Doug Kass + 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV