United America Indemnity has reported an operating income per share of $0.23 fully diluted for the first quarter ended March 31, 2008, a decrease of 61.7% compared to $0.60 per share for the same quarter of 2007.
For the period, gross premiums written were $99.1 million, a 35.1% reduction as compared to $152.5 million for the same period of 2007.
The company ended the first quarter of 2008 with cash and invested assets of $1.76 billion, a decrease of $0.3 million from December 31, 2007. The decrease in cash and invested assets is due to United America repurchasing $6 million of its stock during the first quarter of 2008.
Net investment income for the period decreased by 5.7% to $17.8 million from the net investment income of $18.9 million posted during the comparable period in 2007.