OneBeacon Insurance Group, Ltd. reported a net income loss of $24.3 million for the first quarter of 2008 citing underwriting and investment challenges.
The Bermuda-based company's net income loss was in contrast in net income of $60.5 million in the first quarter of 2007. The insurer reported net written premiums of $426 million compared to $440 million for the first quarter of 2007, a decline of 3.3 percent. The company said that premiums grew by 15.5 percent for specialty lines, but declined in both commercial lines and personal lines.
The reported combined ratio for the first quarter of 2008 was 100.1, compared to 97.5 in 2007. Mike Miller, OneBeacon CEO, said that "specialty lines had an excellent quarter at an 87 percent combined ratio and strong growth, and personal lines generated a solid 96 percent combined ratio. Commercial lines had a tough quarter at a 110 percent combined ratio driven by unusually heavy catastrophe losses and a few large claims."
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