Bermuda-based Ram Holdings returned to profit with a net income of $1.8 million for the first quarter ended March 31, 2010 from a net loss of $1.9 million for the same period last year. Ram saw its total revenues drop by 44 percent to $13.9 million for the first quarter of 2010 from $24.8 million for the same quarter in 2009.

The company posted an operating loss of $3.7 million for the first quarter ended March 31, 2010, compared to an operating loss of $16.6 million for the same period last year.

Ram also earned net premiums of $3.7 million for this year's opening quarter, a decrease of 60 percent versus $9.2 million for the corresponding quarter in 2009.

The company posted net investment income of $3.2 million for the first quarter of 2010, a decrease of six percent on the same quarter of last year.