CRM Holdings 2Q Profit Up 39%

CRM Holdings Ltd. on Tuesday reported a 39% increase in net income for the second quarter of 2007, compared with the same period last year. CRM reported second-quarter earnings of $5.2 million, or 32 cents per diluted share, compared with $3.7 million, or 23 cents per diluted share, in the second quarter of 2006. The second quarter of 2007 reflects a 7 cents per share increase from the April 24 novation agreement between CRM and New York Marine and General Insurance Co. (Nymagic). CRM said its total second-quarter revenues were a record $44.3 million, up 171% from $16.4 million in th...