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United America Indemnity Witnesses Profit In Q2, First Half

Net income of $16.3 million or $0.32 per share

United America Indemnity has reported a net income of $16.3 million or $0.32 per share for the three months ended June 30, 2009, as compared to net loss of $(9.0) million or $(0.24) per share for the same period of 2008.

The results for the six months ended June 30, 2009 include net income of $23.4 million or $0.54 per share, compared to net loss of $(1.5) million or $(0.04) per share for the same period of 2008.

The company’s gross premiums for insurance operation written for the three months ended June 30, 2009 decreased 23.4%, and net premiums written for the three months ended June 30, 2009 decreased 30.2%, as compared to the same period in 2008.

The gross premiums for reinsurance operation written for the three months ended June 30, 2009 increased $9.3 million, and net premiums written increased $17.6 million, excluding the inter-company reinsurance treaty.

The gross premiums for insurance operation written for the six months ended June 30, 2009 decreased 25.4%, and net premiums written for the six months ended June 30, 2009 decreased 30.7%, as compared to the same period in 2008.

The gross premiums for reinsurance operation written for the six months ended June 30, 2009 increased $35.1 million, and net premiums written increased $47.5 million, excluding the inter-company reinsurance treaty.