Connie Lee Insurance Co. said Monday that net income for the third quarter of 1993 was $1.9 million, up 29% from the $1.5 million the municipal bond insurer earned last year in the same period.
For the first nine months of 1993, Connie Lee said net income rose 24%, to $5.4 million from $4.3 million in the same period last year.
"Connie Lee's third-quarter results continue the favorable pattern of quarterly earnings increases the company has sustained since it commenced primary insurance operations two years ago," said Oliver R. Sockwell, the company's president and chief executive officer, in a statement. "We are pleased that direct insurance writings to date in 1993 are up 22% over the comparable 1992 period."
Overall, net premiums written were $2.5 million in the third quarter, down from $5.9 million in last year's third quarter. Connie Lee attributed the decrease to the company's reduced reinsurance business as it shifted to the direct writing of bond insurance.
