Platinum’s Net Income For Quarter: $36.2 Million
Bermuda-based Platinum Underwriters Holdings, Ltd. reported net income of $36.2 million and diluted earnings per common share of $1.34 for the quarter ended June 30, 2014.
The results for the quarter include net premiums earned of $124.8 million, net favorable development of $28.6 million and net investment income of $17.6 million.
Michael D. Price, Platinum’s Chief Executive Officer, commented, “Our results reflect favorable prior period development, strong investment results on a total return basis, no losses from major catastrophes and active capital management. Our book value per common share grew to $67.38 as of June 30, 2014, an increase of 3.1% from March 31, 2014.”
Mr. Price added, “Absent major events in the insurance or capital markets, we expect continued downward pressure on overall reinsurance rate adequacy. We will continue emphasizing profitability over market share while seeking to maintain a position in larger markets by participating on the most attractive business available.”
Results for the quarter ended June 30, 2014 as compared with the quarter ended June 30, 2013 are summarized as follows:
- Net income was $36.2 million compared with net income of $49.9 million.
- Gross premiums written decreased $25.1 million (or 17.0%) and net premiums written decreased $26.0 million (or 17.8%).
- Net premiums earned decreased $18.1 million (or 12.7%).
- Combined ratio decreased 0.2 percentage points.
- Net investment income decreased $0.2 million (or 0.9%).
- Net realized losses on investments were $0.6 million compared with net realized gains on investments of $11.7 million.
