Profits more than doubled at Ram Holdings in the first three months of 2007 compared with the same period a year ago.

The company has recognised that its premium writing in the first quarter of last year were “somewhat weak” but even so the improvement is remarkable, profits shot up 117 percent to $14.3 million compared with $6.6 million in 2006.

The per diluted share income equivalent is 52 cents, again more than double year-on-year.

Almost $8 million more in gross premiums were written by the company and it also benefited from a negative $1 million incurred loss provision for the first quarter as a result of a reduction in case reserves and an increase in $900,000 of recoverables from two claims.

RAM chief executive officer Vernon Endo said: “We’re pleased with our first quarter financial performance. While it is appropriate to note that earnings per diluted share do not include a pro-rated portion of the annual cost of our preference shares, which would be approximately $1.4 million, or $0.05 per diluted share, our strong growth in net income and earnings per share illustrate both the continuing growth of our in-force assumed reinsurance portfolio as well as the anticipated normalisation of our operating expenses relative to prior years.

“We’re also off to a pretty good start on 2007 business production and we’re hopeful that our most recent new treaty, which was effective at the beginning of the second quarter, will enable us to continue to show growth in business production during the remainder of the year.”