Darwin Income Nearly Triples
Net income at Darwin Professional Underwriters in Farmington shot up to a record $14.9 million, or 87 cents a share, in the first quarter from $5.2 million, or 31 cents, a year ago, the company reported Monday.
The 87 cents compares with the Thomson Financial analysts consensus of 48 cents a share. A sizable chunk of the earnings increase of $7.5 million after-tax, or 44 cents a shares stemmed from the release of unneeded money in reserves for prior period claims. The release was more than at least some analysts expected.
Gross premiums written were $80 million in the first quarter compared with $74.3 million in the 2007 first quarter. Net written premiums, the amount left after ceding some premiums to reinsurers, were $58 million compared with $48.9 million a year ago.
Darwin offers such specialty liability insurance as directors and officers, errors and omissions, and medical malpractice.
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