SeaBright Insurance Holdings has reported that its net income for the second quarter of 2008 was $6.4 million compared to $10.2 million for the same quarter of 2007.
For the second quarter, total revenue increased 1.9% to $61.8 million compared to $60.7 million for the same period in 2007. For the period, premiums earned increased 1.7% to $55.7 million compared to $54.8 million in the year-earlier period.
Net investment income for the quarter was $5.6 million compared to $4.9 million for the same period in 2007. The company’s investment portfolio grew 19.8% or $89.2 million to $539.8 million at June 30, 2008 from $450.6 million at June 30, 2007.
For the six months ended June 30, 2008, net income declined to $17.3 million from $20.3 million in the comparable period of 2007.
John Pasqualetto, chairman, president and CEO of SeaBright, said: The second quarter was a very challenging quarter, encompassing the combination of increasingly competitive pricing and the negative impact on premium growth driven by the general economic slowdown. SeaBright remains committed to these tenets and is confident that we are well positioned to operate successfully throughout the cycle.