Net income of $14.2 million, or $1.65 per diluted share
NYMAGIC, a US-based insurance holding company which offers property and casualty insurance, has reported a net income of $14.2 million, or $1.65 per diluted share for the three months ended June 30, 2009. This is in comparision to net losses of $4.7 million, or $(.55) per diluted share, for the second quarter of 2008.
The net income for the six months ended June 30, 2009 totaled $17.7 million, or $2.05 per diluted share, as compared to net losses of $34.5 million, or $3.98 per diluted share, for the six months ended June 30, 2008.
Gross premiums written totaled $50.3 million and net premiums written totalled $35.3 million for the second quarter of 2009, as compared to gross premiums written of $47.6 million and net premiums written of $34.3 million during the second quarter of 2008.
The company’s gross premiums written totalled $117.9 million and net premiums written totaled $88.3 million for the six months ended June 30, 2009, compared to $119.2 million and $94.2 million repectively, during the first six months of 2008.
The combined ratio was 93% for the three months ended June 30, 2009 as compared to 130.1% for the same period of 2008. NYMAGIC’s combined ratio was 96.4% for the six months ended June 30, 2009, as compared to 114.4% for the same period of 2008.