Insurance provider Philadelphia Consolidated Holding has reported a net income of $70.2 million for the fourth quarter ended December 31, 2007, compared to a net income of $73.8 million for the same quarter in 2006.

After-tax net realized investment losses for the quarter were $2 million versus losses of $0.1 million for the corresponding quarter in 2006.

Gross written premiums for the period increased 7.5% to $395 million from $367.3 million for the same period in 2006, and the combined ratio for the quarter was 79.2% compared to 70.9% in 2006.

Net income for the year ended December 31, 2007 improved 13.2% to $326.8 million from $288.8 million in 2006. After-tax net realized investment gains were $19.2 million versus $6.4 million of losses in 2006.

James Maguire, CEO of Philadelphia Consolidated, said: We continued to see new business opportunities across most products, with newly launched products contributing $37.6 million of gross written premium in the quarter. Our capital position is very strong, and is appropriate to support our anticipated growth goals through 2008.