CastlePoint Holdings made a $7.1 million profit in its first quarter as a public company.

The newcomer has expectations of improving upon that start with hoped for net income of between $9m and $11m for the second quarter of 2007.

The company wrote net premiums of $72m for the first three months of the year and currently has a combined ratio of 93.7. It's diluted earning per share is 23 cents.

Michael H. Lee, chief executive officer of CastlePoint Holdings, said: "This was our first quarter as a public company and our fourth quarter since our inception in April 2006.

"With $72 million in net premiums written including 28 percent of net premiums written in the quarter from clients other than Tower (Group), we are pleased that our reinsurance, risk sharing, and programs solutions are continuing to find excellent reception in the marketplace.

"Our consolidated combined ratio of 93.7 percent reflects continued excellent underlying loss ratios from Tower, our largest customer, as well as continued reduction in our overall expense ratio as our business has expanded. The substantial increase in business from clients other than Tower also demonstrates our success in marketing our unique risk sharing and other reinsurance and insurance solutions."