Darwin Professional Underwriters Reports Net Income Increase
Darwin Professional Underwriters Inc. in Farmington has reported a 73.7 percent increase in net income for the second quarter and a 2.9 percent decrease in gross written premiums.
Net income at the specialty insurer was $13.5 million or 79 cents a share for the three months ended June 30, compared with $7.8 million or 45 cents a share in the 2007 second quarter.
Gross premiums were $64 million compared with $65.9 million a year ago.
The higher net profit was due to claims taking a smaller bite of premiums, and to the release of $13.2 million ($8.6 million after tax) of unneeded money from claim reserves.
Publicly-traded Darwin has agreed to be acquired by Bermuda-based Allied World Assurance Company Holdings Ltd. Darwin writes medical malpractice and other professional liability insurance, directors and officers liability insurance, and errors and omissions coverage.