Bermuda-based Platinum Underwriters Holdings, Ltd. reported net income of $84.9 million and diluted earnings per common share of $2.54 for the quarter ended September 30, 2012.
The results for the quarter include net premiums earned of $138.6 million, net favorable development of $61.3 million, net investment income of $23.2 million and net realized gains on investments of $23.0 million, partially offset by $17.6 million of underwriting losses related to North American crop reinsurance.
Michael D. Price, Platinum’s Chief Executive Officer, commented, “Our results reflect favorable prior period development, a low level of major catastrophe activity, crop losses arising from the severe U.S. drought conditions, strong investment results on a total return basis and active capital management. Our book value per common share grew to $54.60 as of September 30, 2012, an increase of 5.3% from June 30, 2012.”
Mr. Price added, “As we conclude our tenth full year of operations as a public company, our strong balance sheet and excellent reinsurance market access leave us well positioned for the underwriting, investment and capital management opportunities that lie ahead.”
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