Bermuda-registered CRM Holdings Ltd.'s fourth-quarter net income rose slightly to $1.96 million from $1.94 million a year earlier, but its per-share profit fell to 18 cents from 19 cents as the company had more shares in the latest quarter as a result of its initial public offering on December 21.

Total revenue climbed to $13.5 million from $8.7 million, aided by growth in fee-based management services revenue due to the expansion of the company's group self-insurance business in California during the latest quarter.

For the first quarter, the provider of management and other services expects earnings of 17 cents to 19 cents a share on revenue ranging from $14 million to $15 million driven by growth in premiums under management.

Additionally, CRM projects its 2006 per-share earnings will climb to a range of $1.14 to $1.25 from 70 cents earned for the recently completed year.

The Hamilton, Bermuda, company anticipates its 2006 total revenue will increase to $75 million to $80 million from $45.1 million generated for 2005.