Bermudian (re)insurance Platinum Underwriters Holdings reported the second quarter and first half net income had dropped.
Net income for the period fell to $98.1m from $102.3m, while net income for the first six months of the year was also down, dropping to $183m from $207.5m last year.
Overall premiums for the second quarter dropped to $232.4m from $257.9m.
Earned premiums for the property and marine business fell to $128.3m, down from $141.7m a year earlier.
Casualty earned premiums fell to $99.1m in the second quarter of this year from $113.2m in the corresponding period in 2008.
Platinum’s combined ratio for the quarter jumped 14%, up from 76.9% from 68.4% - bumped by the combined ratio at the finite risk business, which saw climb to 118.4% from 91.2%.
Platinum’s investment income for the second three months of the year to end-June fell to $44.1m from $46.9m, and was down in the first half of the year to $78.3m from $95.9m.
Michael Price, Platinum’s chief executive, was determined to remain upbeat, pointing out that the group was still reporting a record diluted share of $1.90 in its results.
“Our record net income per diluted common share reflects disciplined underwriting, net favorable reserve development, lower than expected catastrophe activity, good investment results and active capital management.”
Mr. Price added: "So far this year, we have found more attractive underwriting conditions for property and marine than for casualty. However, we may be approaching the bottom of the casualty reinsurance market."
