Darwin Professional Underwriters has reported that its net income of $10.9 million for the quarter ended December 31, 2007 represents an 88.3% increase over the net income of $5.8 million generated during the corresponding quarter of 2006.
Gross premiums written for the quarter are $70.8 million, 12.6% ahead of the gross premiums for the same period in 2006. Likewise, net premiums written for the period were $51.2 million, up 22.2% over the fourth quarter of 2006.
For the year ended December 31, 2007, net income return on average equity was 13.7%, compared to 7.7% for all of 2006. Shareholders’ equity grew $36.3 million during the 12 months of 2007, to $254.2 million from $217.9 million recorded in 2006.
Stephen Sills, president and CEO of Darwin, said: We had another excellent quarter and remain pleased with our performance. This quarter’s net income of $10.9 million represents our best operating result in our history. We believe we’re well positioned to take advantage of the continued opportunities we see in specialty insurance.