State National shares surge on first-quarter gains

State National shares jumped 7.2 percent in New York trading
today after the company posted strong first-quarter gains in
earnings and revenue late yesterday.
The Nasdaq-listed carrier which acts as a front for giant
insurance-linked securities (ILS) fund Nephila reported an 18
percent increase in revenue to $59mn while earnings rose 19 percent
to $11.5mn, or $0.27 a share. The report came after trading had
ended on Wednesday.
Shares of the Bedford, Texas-based company surged as much as 13
perce