or 69 cents a share, to increase reserves on its marine protection and indemnity insurance.

The Hamilton, Bermuda-based insurer said it will increase reserves on its marine protection and indemnity insurance by as much as $15 million by the end of the year.

The company said the one time charge results from disproportionately high reinsurance protection costs and a significant decrease in anticipated protection and indemnity business.

Sphere Drake's shares fell $2.25 to $15.625 in late afternoon trading on the New York Stock Exchange. -- Bloomberg