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SeaBright Insurance Q4 earnings up

SeaBright Insurance reported a net income for Q4 08 of $10.2m compared to $10m for Q4 07

SeaBright Insurance Holdings has reported that its net income for the fourth quarter ended December 31, 2008 was $10.2 million, or $0.48 per diluted share, compared to $10 million, or $0.48 per diluted share, for the fourth quarter ended December 31, 2007.

Total revenue for the fourth quarter of 2008 increased 5.2% to $75.9 million versus $72.2 million during the comparable period in 2007. For the fourth quarter of 2008, net premiums earned increased 4.1% to $67.6 million from $64.9 million for the same period in 2007.

Net investment income for the fourth quarter of 2008 was $5.8 million compared to $5.5 million for the same quarter in 2007.

For the year ended December 31, 2008, net income was $29.3 million, or $1.38 per diluted share, compared to $39.9 million, or $1.90 per diluted share, for the year ended December 31, 2007.

Total revenue for the year 2008 increased 5% to $267.3 million compared to $254.4 million for the year 2007. For the year ended December 31, 2008, net premiums earned increased 9.1% to $248.6 million compared to $228 million for the same period in 2007.

Net investment income for the year ended December 31, 2008 was $22.6 million compared to $20.3 million for the same period in 2007.

John Pasqualetto, chairman, president and CEO of SeaBright, said: In light of the deepening recession and increasingly competitive insurance environment, we are satisfied with our top- and bottom-line results for the quarter and the year. The strength of our underlying earnings, while below last year, demonstrates our continued commitment to making an underwriting profit. Looking ahead to 2009 and beyond, we remain focused on conservative investments, exceptional customer service and disciplined underwriting.