Capital Re. Corp. yesterday reported net income of $10.5 million, or 71 cents per share, in the second quarter, up 14.1% from $9.2 million, or 61 cents per share, in second quarter 1993.
Net income for the first six months of the year totaled $21 million, or $1.41 per share, a 16.5% increase from $18.2 million, or $1.21 per share, in the first six months of 1993.
Capital Re Corp. is the holding company for Capital Reinsurance Co., which serves the municipal bond insurers, and Capital Mortgage Reinsurance Co., which serves the mortgage guaranty industry..
"Capital Re's financial results for the first half of 1994 evidence its ability to sustain solid growth in revenues, which is the basis for its current and future earnings growth," said Michael E. Satz, chairman and chief executive office, in a prepared statement. "Our positive revenue growth reflects the continued strength of the financial guaranty reinsurance business as well as the material impact on revenues of the mortgage guaranty reinsurance business."
Capital Re reported a 25.1% increase in net premiums written for the second quarter, to $24.4 million from $19.3 million the year before. For the first six months of 1994, net premiums written were $45.2 million, up 28.8% from $35.1 million in the first six months of 1993.
The firm's statutory capital base rose to $428.4 million at June 30 from $303.8 million at yearend 1993.
On the New York Stock Exchange yesterday, shares of Capital Re Corp. were unchanged at 22 5/8.
