Darwin Income Nearly Triples

http://www.courant.com

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.

Editor’s Note: This article originally appeared on courant.com. It has been moved or deleted, and we were unable to find the original on their website. We will keep this on our site for archving reasons.

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