Ram swings to $26m profit – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

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Ram swings to $26m profit

Bermuda-based Ram Holdings Ltd. returned to profit in the second quarter of 2010, posting a net income of $26.3 million $1 per share versus a net loss of $4.6 million or 17 cents per share for the same period in 2009.

Ram CEO David Steel said: “Our second quarter net income was largely driven by a gain on the previously announced repurchase of the company's remaining senior notes, along with decreases in unrealised losses on our reinsured credit derivative portfolio.

“In our view, the company's operating income for the second quarter 2010, which is defined later in this earnings release, reflects a better measure of the core financial performance of the company”.

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Published December 15, 2010 at 1:00 am (Updated December 15, 2010 at 6:57 am)

Ram swings to $26m profit

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