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Chicago-based reported net income for the third quarter of 2004 of $11 million, or 26 cents per share, compared to a net loss of $47.4 million, or $1.10 per share, for the same period in 2003.

The company, whose principal subsidiary is the Western Surety Co., said the increase in net income reflects higher net earned premium, higher investment income, and the absence of material adverse loss development which occurred during the third quarter of 2003.

For the third quarter, gross written premiums increased 8.4 percent to $102.2 million. Contract surety gross written premiums increased 8.3 percent to $61.6 million due to volume growth. Commercial surety gross written premiums increased 8.6 percent to $32.5 million due to continued strong volume growth in small commercial products.

Ceded written premiums increased $3.6 million to $15.7 million for the third quarter of 2004 compared to the same period of last year. The company said the increase reflects the company’s decision to purchase additional protection under its 2004 reinsurance program. Net written premiums increased 5.2 percent to $86.4 million.

Topics Profit Loss