Darwin Professional Underwriters has reported a net income of $14.9 million for the first quarter ended March 31, 2008, representing a 184.7% increase over the $5.2 million for the comparable quarter in 2007.
Gross premiums written for the quarter were $80 million, 7.8% ahead of the gross premiums for the same period in 2007. For the period, net premiums written were $58 million, up 18.5% over the corresponding period of 2007.
Annualized return on average equity is 22.7% for the period, while shareholders’ equity grew $15.1 million, or 5.9% in the quarter, from $254.2 million at December 31, 2007 to $269.3 million at March 31, 2008. Overall, the combined ratio is 64.7% for the quarter, which compares favorably to the first quarter 2007 combined ratio of 92.8%.
Stephen Sills, president and CEO of Darwin, said: We are gratified to have again achieved record earnings at Darwin this quarter. Our focus on distinct niches within the specialty lines market has allowed us to sustain excellent growth and operating results this quarter.