PMA Re has reported a 58% fall in its operating income for the first quarter of 2001, compared with a...PMA Re has reported a 58% fall in its operating income for the first quarter of 2001, compared with a year earlier. Pre-tax operating income fell from $14m to $5.9m.
The company said the 2000 first quarter had benefited from favorable prior year loss development absent this year.
Net written premiums fell slightly from $67.3m in Q1 2000 to $63.9m this year. PMA Re said lower premiums in specialty and traditional treaty reinsurance were partially offset by growth in finite risk and financial products.
The company's combined ratio rose to 108.4%, compared with 100.3% in the first quarter of 2000.
Net investment income was $12.2m, compared with $14.1m a year earlier.
Operating income for the quarter for PMA Capital as a whole was $5.7m, down from $7.9m a year earlier, but net income almost doubled from $4.4m to $8.1m.
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