Darwin Professional Underwriters, Inc. Reports Record Net Income of $8.4 Million for the Third Quarter
Stephen Sills, Darwin's president and chief executive officer, commented,"We had another excellent quarter, and remain pleased with our performance.This quarter's net income of $8.4 million represents our best operating resultin our four-and-a-half year history. Our loss emergence remains favorable andwe were able to grow our book by writing new business, as well as retainingour best accounts in the face of stiffening competition. Darwin recorded anincrease in gross premiums written over the third quarter of 2006 of 5.9% anddemonstrated our continued commitment to underwriting profitability with athird quarter combined ratio of 85.4 percent. With significant expertiseacross all of our lines, we believe we're well positioned to take advantage ofthe continued opportunities we see in specialty insurance."
Darwin executives will hold a conference call to discuss this pressrelease tomorrow morning, November 7, 2007, at 8:00 a.m. Eastern time. Thelive webcast of Darwin's earnings conference call, as well as our financialsupplement, can be accessed through Darwin's website athttp://investor.darwinpro.com. Analysts and investors interested inparticipating in the live conference call may dial in to 800-599-9816(International callers may dial 617-847-8705) and enter passcode 12623027.
The webcast version of the conference call will be archived on Darwin'swebsite following the date of the event. A telephonic replay of the earningsconference call will be available shortly after the conclusion of the call onNovember 7, 2007. To access the telephonic replay, domestic callers may dial888-286-8010 (International callers may dial 617-801-6888) and enter passcode69068040. The telephonic replay will be available until November 14, 2007.
Certain matters discussed in this release are forward-looking statements.Such statements involve risks and uncertainties that could cause actualresults to differ materially from those in the forward-looking statements.Potential risks and uncertainties include the accuracy of assumptionsunderlying the Company's outlook and other risks described in the Company'sfilings with the Securities and Exchange Commission ("SEC"), including theCompany's Annual Report on Form 10-K for 2006 and Form 10-Q for third quarter2007. These forward-looking statements represent the Company's judgment as ofthe date of this release. The Company disclaims any intent or obligation toupdate these forward-looking statements.
About Darwin Professional Underwriters, Inc.
Darwin is a specialty insurance group based in Farmington, Connecticut.The Company is focused on the specialty liability insurance market andunderwrites D&O liability insurance for public and private companies, E&Oliability insurance, medical malpractice liability insurance, and otherspecialty coverages. Darwin member companies include Darwin ProfessionalUnderwriters, Inc., Darwin National Assurance Company ("DNA"), and DarwinSelect Insurance Company ("Darwin Select"). DNA and Darwin Select have earneda financial strength rating of "A- (Excellent)" from A.M. Best Company. Darwinis traded on the New York Stock Exchange under the ticker symbol, "DR." Formore information about Darwin, visit www.darwinpro.com.
Additional information concerning Darwin, its finances, and businessoperations can be found in the Quarterly Report on Form 10-Q for the quarterended September 30, 2007 which will be filed with the SEC and atwww.darwinpro.com.-- Gross premiums written for the third quarter are $69.3 million. Third quarter gross premiums written are 5.9% ahead of our gross premiums for the same period a year ago. Net
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