Bermuda-based RAM Holdings Ltd has reported a net loss of $1.5 million or six cents per share for the second quarter of 2011.This compares to a profit of $26.3 million or $1 per share for the same period in 2010.Net income for the first six months of the year was $4.5 million or 17 cents per share versus $28.1 million or $1.06 per share for the opening six months of last year.RAM’s CEO David Steel said: “Our second quarter net loss was largely the result of our strengthening our reserves on our financial guaranty reinsurance exposures, particularly on residential mortgage-backed securities, and a $1.4 million loss on credit derivative policies commuted in the period. The commutation of the credit derivative policies was viewed as desirable in order to settle an arbitration and avoid potentially higher losses.”