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Specialty Underwriters’ Alliance Q4 net income decreases

Specialty Underwriters' Alliance reported a net income of $0.4m for Q4 08 compared to $3.2m for Q4 07

Specialty Underwriters’ Alliance has reported that its net income was $0.4m, or $0.02 per diluted share, for the fourth quarter ended December 31, 2008, compared to $3.2m, or $0.20 per diluted share, for the corresponding quarter ended December 31, 2007.

Gross written premiums were $36.1m for the fourth quarter of 2008, vs. $43.3m in the fourth quarter of 2007. Earned premiums were $36.3m for the fourth quarter of 2008 compared to $39.5m for the fourth quarter of 2007.

For the fourth quarter of 2008, net investment income was $2.9m compared to $2.7m for the same quarter in 2007.

Net income for the year ended December 31, 2008, was $7.4m, or $0.47 per diluted share, compared to $12.6m, or $0.82 per diluted share, for the year ended December 31, 2007.

For the year 2008, gross written premiums were $146.2m vs. $160.4m in 2007. Earned premiums were $143.5m for 2008, compared to $152.5m for the year 2007.

Net investment income for the year 2008, was $10.8m, compared to $9.5m for the year 2007.