Bermuda-based CastlePoint Holdings saw its profits almost double in the third quarter 2007, based on higher net premiums written and strong product demand.

The company, whose subsidiaries CastlePoint Reinsurance and CastlePoint Management provide reinsurance and property and casualty insurance, earned $10.5 million or 27 cents per share for this year's third quarter compared with $5.4 million, or 18 cents per share a year ago.

Excluding certain losses, earnings totalled $11.5 million or 30 cents per share compared with $5.4 million or 18 cents per share.

Analysts polled by Thomson Financial expected profit of 29 cents per share on revenue of $81 million.

Net premiums written more than doubled to $90.6 million from $43.7 million.

Revenue more than doubled to $74.7 million from $31.7 million, as net premiums earned rose to $65.6 million from $27 million, primarily driven by results in the company's reinsurance segment.

"Despite the softening market conditions in the property and casualty industry, we continue to see very strong demand for our products at attractive margins," said chief executive Michael Lee.