RAM Holdings, Ltd (OTC:RAMR) has announced that its third quarter net income for 2009 available to common shareholders was $31.1 million, or $1.14 per diluted share. The net loss was reported at $40.4 million, or $1.48 per diluted share for the 2008 third quarter. The full report may be found online at www.ramre.com/ramre/ir.
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The company held its Annual General Meeting of Shareholders on Thursday, December 17. Shareholders approved a proposal to amend RAM’s Bye-Laws including the reduction of the required minimum number of directors from 11 to 5 and the maximum number of directors from 15 to 11. To listen to a webcast of the meeting, visit www.ramre.com/ramre/ir/annrpt.asp.
RAM Holdings Ltd. (RAM) is a provider of financial guaranty reinsurance for public finance and structured finance obligations that are insured by the primary monoline financial guaranty insurers, which the Company refers to as the primaries or ceding companies. The Company operates its business, through its operating subsidiary, RAM Reinsurance Ltd. During the year ended December 31, 2008, RAM operated in financial guarantee reinsurance segment, in which it generated business in two primary product lines, public finance and structured finance. In 2008, the Company renewed its treaty reinsurance agreements with Assured Guaranty Corp. (Assured Guaranty) and Financial Security Assurance Inc. (FSA). During 2008, Assured Guaranty and FSA accounted for substantially all of the business written in the primary market and substantially all of the business assumed by RAM under its treaties. Effective April 8, 2009, RAM commuted its insured portfolio from Ambac Assurance Corporation.
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