Bermuda-based Quanta Capital Holdings Ltd. yesterday reported that it turned a profit of $1.4 million in the first quarter of the year compared to a net loss of $4.5 million in the same period of 2004.

Broken down per share, the net income amounted to two cents ? far below analyst predictions the company would post a profit amounting to 23 cents per share.

Quanta CEO Tobey Russ said he was happy the company had posted a profit after being hit by large claims last year from the wave of hurricanes that caused devastation throughout the Caribbean and Florida.

?Our first quarter results represent another milestone for the company, as we have returned to profitability after experiencing an unprecedented amount of catastrophe losses during 2004,? he said in the company?s earnings report.

?Premium growth continues to be robust, and strong underwriting cash flow growth during the first quarter of 2005 resulted in a $82 million increase in total invested assets to $757 million relative to year-end.?

In an earnings report Quanta said specialty reinsurance contributed $88.1 million of the net written premiums and specialty insurance contributed $54.8 million of the net written premiums, including $12.7 million of net written premiums from Quanta?s new Lloyd?s syndicate.