Ram Holdings Ltd posted a $13.5 million net loss for the fourth quarter of 2010.This compares to net income of $6 million for the same period in 2009.Net income available to common shareholders for the full year 2010 was $11.8 million or 45 cents per share compared to $26.3 million or 98 cents per share for the full year 2009.Ram’s CEO David Steel said: “Our fourth quarter net loss was largely driven by an increase in the realised and unrealised losses on our reinsured credit derivative portfolio. For the full year 2010, our net income was largely driven by gains on the previously announced repurchases of the company’s unsecured senior notes and a portion of the company’s series A preference shares.“In our view, the company’s operating income for the fourth quarter and full year 2010, which is a non-GAAP financial measure that is defined later in this earnings release, reflects a useful measure of the core financial performance of the company.“Ram’s operating income was $5.9 million in 2010, the first year it has been positive since 2006, and was primarily attributable to our successful expense reduction efforts and moderating loss development on our financial guaranty reinsurance exposures.”“Ram is entering 2011 with what we expect will be a less volatile insured portfolio due to commutation efforts over the past three years, stabilising and more moderate loss development, adequate capital and liquidity, and a long term portfolio run-off.“Accordingly, we are evaluating the adequacy and availability of our capital to support writing a limited amount of short-term, non-catastrophe, property/casualty reinsurance business in order to enhance overall shareholder value. Any new business undertaken would be subject to board and regulatory approval.”