Triad Guaranty has reported total revenues of $81.9m for the second quarter, an increase of 5.4% compared to $77.7m for the same quarter in 2009.
Premiums earned for the second quarter of 2010 were $72.3m compared to $64.8m for the same period last year.
The income before income taxes for the quarter was $79.8m compared to a loss of $364.2m for the same quarter prior year.
For the quarter ended June 30, 2010, the company posted net income of $79.1m, or $5.24 per share, compared to net loss of $359.4m, or $23.91 per share, for the same period last year.
Triad Guaranty president and CEO Ken Jones said that the company continued to see improvement in several key areas during the second quarter of 2010, which allowed it to decrease the reserves held for existing defaults at 30 June 2010.
“Higher actual cures experienced during the first two quarters of 2010 caused us to adjust our reserve factors during the second quarter for future cure rates on existing defaults. These adjustments, along with modestly higher rescission expectations, allowed us to reduce our estimated reserve for losses,” Jones said.