Northbridge posts 92.8% combined ratio in first quarter

Northbridge Financial Corp. (TSX: NB) posted underwriting profit of $20.3 million on a 92.8% combined ratio for the first quarter ending March 31, 2004. This more than doubles the underwriting profit of $10.1 million produced in first quarter 2003, when the combined ratio was 95.4%.Northbridge, which includes the Canadian entities of Fairfax Financial Holdings, brought in net earnings of $32.2 million, or $0.63 per share, in the first quarter of this year, up from $29.0 million, of $0.60 per share, a year ago.Gross written premiums were up year-to-date to $432.1 million, from $377.9 million the year prior, while net written premiums rose to $263.2 million from $238.6 million during the same period. Net earned premiums were $281.4 million during the first three months of 2004, up from $219.9 million in 2003.Investment income was also up during the comparative period, to $30.4 million from $29.6 million. As of March 31, 2004, net unrealized gains stood at $179.5 million, versus $125.7 million at the end of 2003.The company says it will pay a dividend of $0.15 per outstanding common share.Fairfax recently announcing an offering which would see its stake in Northbridge reduced from 71% to 59%.