SeaBright Insurance has reported that for the fourth quarter of 2007, net income of the company increased to $10 million, or $0.48 per diluted share, compared to net income of $8.8 million, or $0.42 per diluted share for the same period in 2006.
Total revenue for the quarter was $72.2 million, up 24.3% from $58.1 million in the year-earlier period. For the period, net premiums earned increased 24.8% to $64.9 million compared to $52 million for the same period in 2006.
Net investment income for the fourth quarter of 2007 was $5.5 million compared to $4.4 million for the same period in 2006 as the company continues to record strong cash flow from operations of $26.6 million for the fourth quarter of 2007.
For the year ended December 31, 2007, net income was $39.9 million, or $1.90 per diluted share, a decline when compared to $33.2 million, or $1.63 per diluted share in the same period in 2006.
Total revenue for the period increased 23.6% to $254.4 million compared to $205.9 million for the corresponding period in 2006. For the year ended December 31, 2007, net premiums earned increased 22.8% to $228 million compared to $185.6 million for the comparable period in 2006.
John Pasqualetto, chairman, president and CEO of SeaBright, said: While we fully expect the competitive trends experienced in 2007 to persist through the coming year, our fundamental dedication to our business model, our underwriting discipline and our superior level of service should continue to serve us well.