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Global Indemnity Q3 net income declines

Global Indemnity, a provider of both admitted and non-admitted specialty property and casualty insurance coverage, has reported a net income of $19.80m or $0.65 per share, for the third quarter of 2010, compared to $27.40m or $0.91 per share, for the same quarter of 2009.

The company is also planning an initiative to reduce its US based census by approximately 25%, closing underperforming US facilities, and supplementing staffing in Bermuda and in Ireland, in order to enhance profitability and earnings.

The gross premiums written for the third quarter of 2010 were $86.20m, compared to $75.80m for the same period in 2009.

Operating income for the third quarter of 2010 was $18.50m, compared to $22.60m corresponding quarter of 2009.

The total revenue for the third quarter of 2010 was of $86.16m, compared to $94.77m in the same quarter last year.

Global Indemnity president and CEO Larry Frakes said, in the face of a very competitive commercial lines property & casualty market, the company continued to build shareholder value, as indicated by the 12.3% annualized rate of growth in book value per share for the nine months ended September 30 as well as first growth in premiums since 2006.

“These results were achieved while maintaining strict underwriting discipline and reducing fixed income volatility in our investment portfolio,” Frakes said.