Ram Holdings Ltd boosted its profits by $6 million during the first quarter of 2011, up from $1.8 million for the same period last year.Ram’s CEO David Steel said: “Our first quarter net income was largely driven by the continued run off of our inforce portfolio of business, the increase in the realised and unrealised gains on our reinsured credit derivative portfolio, moderate loss development on our financial guaranty reinsurance exposures and the successful operating expense reduction efforts initiated over the last two years”.During the first quarter of 2011, operating income was $4.8 million or 18 cents per share, compared to an operating loss of $3.7 million or 14 cents per share in the first quarter of 2010. Earned premiums in the first quarter 2011 of $4.4 million were 19 percent higher than the $3.7 million earned in the first quarter last year. Net investment income for the first quarter of 2011 was $2.4 million, 25 percent below the first quarter of 2010.