Enhance Financial Services Group said last week that net income for the third quarter rose 3.5%, to $12.1 million from $11.8 million in the same period last year.
Earnings per share for the quarter were 67 cents, up from 65 cents for the year-ago quarter.
Net income for the first nine months fell 5%, to $28.3 million after tax adjustments, compared to $29.8 million in the year-ago period. The nine-month results reflect claims of $12.9 million incurred in the second quarter.
Third-quarter results include a $1.4 million, or eight cents per share, increase in the company's tax charge resulting from the 1993 federal tax rate increase, of which $1.1 million, or 6 cents per share, are adjustments related to prior periods.
"We are pleased to report that total revenues through the first nine months surpassed total revenues for all of last year," said Wallace O. Sellers, president and chief executive officer. "In addition, net premiums written in the first nine months increased 65% over the same period last year."
