Third Point Re Reports 2015 Q2 Earnings

Third Point Reinsurance Ltd. announced results for its second quarter ended June 30, 2015, with net income of $15.7 million, or $0.15 per diluted common share, for the second quarter of 2015, compared with net income of $31.3 million, or $0.29 per diluted common share, for the second quarter of 2014, a decrease of 49.9%.

For the six months ended June 30, 2015, Third Point Re reported net income of $66.1 million, or $0.62 per diluted common share compared with net income of $71.1 million, or $0.66 per diluted common share, for the six months ended June 30, 2014, a decrease of 6.9%.

For the three months ended June 30, 2015, diluted book value per share increased by $0.15 per share, or 1.1%, to $14.12 per share from $13.97 per share as of March 31, 2015. For the six months ended June 30, 2015, diluted book value per share increased by $0.57 per share, or 4.2%, to $14.12 per share from $13.55 per share as of December 31, 2014.

“During the second quarter, we continued to build out our reinsurance platform in the U.S. and generated significant growth in premiums primarily from our new U.S. focused reinsurance company. Although our combined ratio was elevated in the quarter due to $3.2 million of losses from weather activity in Texas and $2.0 million of adverse reserve development, we remain committed to our goal of underwriting profitability,” commented John Berger, Chairman and Chief Executive Officer.

“In the second quarter, we generated premiums written of $184.3 million, an increase of 26.7%, and we continued to develop a strong pipeline of new business. Our investment manager, Third Point LLC, continued to outperform the broader market indices this year producing a 1.7% return on our investment portfolio for the quarter and 4.8% for the year.”

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