College Construction Loan Insurance Association, the holding company for Connie Lee Insurance Co., reported yesterday that net income totaled $1.7 million in the first quarter of 1994, compared to $1.54 million in the same period last year.

"We are pleased to report a 10% increase in net profits," said Oliver R. Sockwell, Connie Lee's president and chief executive officer, in a statement. "Connie Lee's performance demonstrates its ability to generate profits in varying market conditions and circumstances."

The firm was able to generate a gain in profits in the first quarter despite a slowdown in the amount of bonds it insured. Connie Lee's net premiums written declined 15.5% in the period, to $3.8 million from $4.5 million in the first quarter of 1993.

The firm's qualified statutory capital base rose to $112 million at March 31 from $111.6 million at Dec. 31, 1993.

Connie Lee, created by an act of Congress in 1986 with a mandate to insure bonds issued by colleges, universities, and teaching hospitals, has provided more than $8.7 billion of guarantees since inception. The firm's claims-paying ability is rated AAA by Standard & Poor's Corp.

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