United America Indemnity has reported a net loss of $120.4 million, or $3.83 per share, for the fourth quarter of 2008, compared to a net income of $26.4 million, or $$0.71 per share, for the same quarter of 2007.
For the fourth quarter of 2008, total revenues declined to $69.41 million from $146.95 million during the comparable period in 2007.
For the year ended December 31, 2008, net loss was $141.6 million, or $4.31 per share, compared to a net income of $$98.9 million, or $2.65 per share, for the year ended December 31, 2007. Total revenues for the year 2008 were $400.08 million, compared to $614.63 million for the year 2007.
Total assets as of December 31, 2008 were $$2.47 billion versus $2.77 billion as of December 31, 2007.
Larry Frakes, president and CEO, said: 2008 is a year that reflects the restructuring of our business. Although our results are disappointing, we have taken action to enable future growth and profitability. As we move forward, we will compete for excess & surplus and specialty classes/lines of business that will allow us to deploy our capital in a way that will provide appropriate returns to our owners. Maintaining underwriting discipline and strong claims protocols will continue to be at the core of what we do.