Nymagic has reported revenues of $60.2m for the fourth quarter of 2009, an increase of 181.3% compared to $21.4m for the same period last year.
The company’s gross premiums written were $46.2m and net premiums written totaled $36.7m for the fourth quarter of 2009, compared with gross premiums written of $42.6m and net premiums written of $31.4m during the fourth quarter of 2008. Representing an increase of 8% and 17%, respectively. Net premiums earned were $39.3m, compared to $38.6m for the same period last year.
For the fourth quarter ended December 31, 2009, the company posted net income of $13.2m, or $1.53 per share compared to a net loss of $19.8m, or $2.36 per share for the same period last year.
For the full year 2009, the company has reported revenues of $217.5m, compared to $56.2m in 2008. Net premiums earned were $157m, compared to $167m last year. Net income was $45.5m, or $5.26 per share, compared to $104.3m, or $12.23 per diluted share, for the same period last year.
George Kallop, president and CEO of Nymagic, said: We are very pleased with the company’s net income for the fourth quarter and year ended 2009 which contributed to a 30% increase in book value per share for the year.
“Our expense ratio continues to be a challenge, but we are hopeful that we will be able to increase premium volumes in coming quarters and we expect to moderate growth in expenses to reduce our combined ratio. We look forward to more continued success in 2010.”