RAM Holdings Q2 net income increases

Mon. August 18, 2008; Posted: 12:37 PM

Aug 18, 2008 (Datamonitor via COMTEX) -- RAMR | Quote | Chart | News | PowerRating -- RAM Holdings, a provider of financial guaranty reinsurance, has reported a net income of $126.3 million, or $4.63 per diluted share for the second quarter 2008, an increase from a net income of $9.1 million, or $0.33 per diluted share for the second quarter 2007.

Net adjusted premiums written declined approximately 86% compared to the second quarter of 2007, primarily the result of reinsuring business from only two ceding companies that are currently writing business.

For the second quarter of 2008, the company has reported an operating loss of $116.2 million, or $(4.26) loss per diluted share, compared to operating income of $9.1 million, or $0.33 per diluted share in the second quarter 2007.

For the second quarter of 2008, net revenues of the company reduced to $186.2 million from net revenues of $21.60 million earned in the same period of 2007.

The net loss for the first six months of 2008 was $63.2 million, as against a net income of $23.4 million for the first six months of 2007. Meanwhile, revenues for the period were $44.35 million, an improvement from revenue of $43 million posted in the corresponding period of 2007.

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