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SeaBright Insurance Reports Q2, Half Yearly Results

The net loss ratio for the second quarter of 2009 was 68.2%, as compared to 57% in the same period of 2008

SeaBright Insurance Holdings, a US-based insurance holding company has reported the results for the second quarter and six months ended June 30, 2009.

The net income was $4.3 million or $0.20 per diluted share, compared to net income of $6.4 million or $0.30 per diluted share for the same period in 2008.

Total revenue for the quarter increased 8.9% to $67.3 million, versus $61.8 million in the year-earlier period. For the second quarter, net premiums earned increased 7.8% to $60 million, as compared to $55.7 million for the same period in 2008.

The net loss ratio for the second quarter of 2009 was 68.2%, as compared to 57% in the same period of 2008. During the second quarter of 2009, on a pre-tax basis, the company recognised $2.9 million of adverse development of prior years’ loss reserve estimates.

Total underwriting expenses for the second quarter 2009 were $16.1 million, as compared to $17.7 million in the prior year period. The net underwriting expense ratio for the second quarter was 26.7%, compared to 31.6% in the same period in 2008.

The company’s subsidiary, SeaBright Insurance functions as a specialty underwriter of multi-jurisdictional workers’ compensation insurance.