Operating earnings of $97.4M or $1.24 per share up 70.4% from $57.2M and $0.74 one year ago. Annualized operating ROE of 27.8% up from 19.6%. Book value per share of $19.48 up from $17.85 at the end of 2013.
Gross written premium of $1.67B up 76.5% Y/Y, with cut-through reinsurance agreement with Tower Group (TWGP) adding about $268M to that sum. Net written premium of $1.13B up 112.4%. Net earned premium of $829.1M up 103.2%. Combined ratio improves to 89.9% from 91.3%.
Investment income (pre-realized gains) of $28.5M up 57.7% Y/Y. Net realized gains of $3.5M after-tax vs. $11.2M one year ago.
CC at 10 ET
AFSI no trades premarket