NU Online News Service, July 27, 1:35 p.m. EDT
New York-based reinsurance company Transatlantic Holdings Inc. said its second-quarter drop in net income was primarily the result of catastrophe losses, the bulk of which was related to the Deepwater Horizon oil rig incident.
Transatlantic reported second-quarter net income dropped close to 2 percent, or $1.8 million, to $111 million. Net income per share stood at $1.70 a share.
Revenues dropped 1.5 percent, or $16 million, to $1.1 billion as net premiums written were down 6 percent, or $59 million, to $948 million. The combined ratio for the period rose 3.5 points to 96.9.
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