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The government will allow the Bangalore Mysore Infrastructure Corridor (BMIC) Project to be completed as per court orders, said chief minister B S Yeddyurappa, even as he called former Prime Minister H D Deve Gowda "anti-development".
This company in particular looks cheap, but operationallywe don't think they are able to access the best part of themarkets," Shanker said. "We think that reinsurers in general are worth owning rightnow. Shares of Platinum Underwriters, whose rivals includeEndurance Specialty Holdings Ltd (ENH.N), Everest Re (RE.N),Axis Capital Holdings Ltd (AXS.N) and Allied World AssuranceHoldings Ltd (AWH.N), closed at $31.90 Tuesday on the New YorkStock Exchange. The company's net realized gains on investments stood at$10.8 million, compared with a loss of $6.2 million last year. Combined ratio, the percentage of premiums an insurer hasto pay out in claims and expenses, was 76.9 percent.
"Potential hardening in the reinsurance market in 2009renewals may serve as a catalyst for the stock, though webelieve that the company's benefits from this may be tempered,"Shanker said. Citigroup analyst Joshua Shanker said the company mayexperience more pressures as the pricing cycle continues todecline. Net premiums earned fell 10 percent to $232.5 million,while net investment income fell about 6 percent to $44.1million. "So far this year, we have found more attractiveunderwriting conditions for property and marine than forcasualty.
However, we may be approaching the bottom of thecasualty reinsurance market," Chief Executive Michael Pricesaid in a statement. Analysts were looking for a profit of $1.34 a share,excluding investment losses and gains, according to ReutersEstimates. For the quarter, the Bermuda-based property and casualtyreinsurer earned $98.1 million or $1.90 a share, compared with$99.8 million, or $1.82 a share, a year earlier. Newell, +1-212-975-8230, , or Lyntina Townsend,+1-202-608-2745, , both of BET Networks. * Q2 net premiums earned down 10 percent Stocks * Q2 net investment income falls 6 pct * Q2 net income $98.1 mln vs $99.8 mln yr ago (Adds analyst comment, details) By Archana Shanker and Supantha Mukherjee BANGALORE, July 21 (Reuters) - Platinum UnderwritersHoldings Ltd (PTP.N) posted a lower second-quarter profit, hurtby a fall in premiums at its casualty, property and marinesegments, but the results topped market estimates.
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