United America Indemnity Ltd. reported net income of $74.6 million, or $1.44 per share, for 2009. In 2008, the company lost $141.6 million, or $3.87 per share.
United America Indemnity Ltd. also reported strong growth in book value for the year ending December 31, 2009. The company reported a book value of $13.76 per share, compared to $12.00 per share a year earlier.
United America Indemnity Ltd. is an insurance company that provides property and casualty insurance and reinsurance through its three wholly owned subsidiaries Penn-America, United National, Diamond State and Wind River Reinsurance Company, Ltd. The company offers property, casualty, general liability, professional lines, and reinsurance to its customers.
United America Indemnity Ltd. reported improved performance under other metrics. The company reported a combined ratio of 96.0 for 2009, down from 117.1 in 2008. The company’s loss ratio fell from 79.8 to 56.2 over the same time frame, while its expense ratio increased from 37.3 to 39.8.
United America Indemnity Ltd. recently decided to move its country of domicile from the Bahamas to Ireland. The company said the decision was in the “best interests of both the Company and its shareholders.”