CRM Reports 35% Increase in Net Income

CRM Holdings Ltd. on Tuesday reported a 35% increase in net income for the third quarter of 2006. The company also announced that the California Department of Insurance has granted approval for it to proceed with the acquisition of Embarcadero Insurance Holdings Inc. and its subsidiary, Majestic Insurance, a California workers' compensation carrier. The transaction is expected to close in two weeks. CRM reported third-quarter net income of $3.3 million, or 21 cents per diluted share, up from net income of $2.5 million, or 24 cents per diluted share, in the third quarter of 2005. ...