CRM Holding, a product and service provider for the workers' compensation insurance industry, more than doubled its profits for the third quarter from $3.3 million in 2006 to $7.2 million this year, largely due to expanding its portfolio of business.

Net income for the Bermuda-based company was also $0.44 per diluted share for the third quarter 2007 compared to $0.21 per diluted share for the same period last year.

Total revenues were $39.5 million in the quarter, an increase of 129 percent from $17.3 million in the same quarter of 2006.

These results were boosted by the results of Majestic Insurance Company, which was acquired last November, while net earned premiums from primary insurance and reinsurance rose to $28.9 million from $6.3 million in the prior year. Majestic accounted for the majority of the increase with $21.6 million of net earned premium.

The company's reinsurance subsidiary, Twin Bridges, also increased its net earned premiums to $7.3 million from $6.3 million a year ago, by assuming a larger share of the excess coverage purchased by self-insured groups administered by the company.

Fee-based management services revenues decreased to $8.7 million from $10.1 million in the prior year, largely due to lower insurance rates in California, attrition in the membership of one New York self-insured group managed by the company and reduced commissions on excess policies placed with Majestic.

Investment income rose to $2.9 million for the quarter from $0.9 million in the same quarter of 2006, mainly down to the increased level of investments following the inclusion of Majestic.

Total expenses increased to $33.1 million from $13.4 million a year ago.