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Member, Beacon International Group, Ltd.
NEW YORK--Transatlantic Holdings Inc. posted a 5.2% increase in net income for the first quarter of 2007, to $107.2 million.
Estimated catastrophe costs from January's European windstorm Kyrill had an after-tax impact on net income of $27 million, according to the company.
Net premiums written increased 7.6%, to $984.2 million. Revenues increased 8%, to $1.1 billion.
The reinsurer reported a 97.7% combined ratio vs. a 96.4% combined in 2006's first quarter. The impact of Kyrill added 3.8 points to 2007's combined, according to the company.
Transatlantic President and Chief Executive Officer Robert F. Orlich said in a statement, "The premium increase year over year was, in part, indicative of a strong property market in the domestic segment that was prevalent through Jan. 1, 2007.
"While generally, rates have drifted modestly downward in the early part of the year, we are seeing an ample amount of favorable opportunities throughout our global network of offices," said Mr. Orlich.