Platinum Underwriters Holdings has posted a net income of $124.1m, or $2.68 per share, for the second quarter ended June 30, 2010, compared to $98.1m, or $1.90 per share, for the same period last year.
The company reported total revenues of $272.7m for the second quarter of 2010, a decrease of 5.7% compared to $289.2m for the same quarter in 2009.
The company’s income before income tax for the second quarter of 2010 were $132.3m compared to $98.7m for the same period last year.
The company earned net premiums of $191.4m for the second quarter of 2010 compared to $232.4m for the same quarter in 2009.
Michael Price, CEO of Platinum, said: “Our record diluted earnings per common share in the second quarter of 2010 reflect Platinum’s disciplined approach to underwriting, strong investment results and active capital management. Our book value per common share was $51.23 as of June 30, 2010, an increase of 10% from March 31, 2010 and 13.3% from December 31, 2009.”