Third Point Re 2016 Q2 Earnings Results
Bermuda-based Third Point Reinsurance Ltd. announced results for its second quarter ended June 30, 2016.
Third Point Re reported net income of $53.4 million, or $0.51 per diluted common share, for the second quarter of 2016, compared to net income of $15.7 million, or $0.15 per diluted common share, for the second quarter of 2015.
For the six months ended June 30, 2016, Third Point Re reported net income of $2.2 million, or $0.02 per diluted common share, compared with net income of $66.1 million, or $0.62 per diluted common share, for the six months ended June 30, 2015.
For the three months ended June 30, 2016, diluted book value per share increased by $0.51 per share, or 4.1%, to $12.88 per share from $12.37 per share as of March 31, 2016. For the six months ended June 30, 2016, diluted book value per share increased by $0.03 per share, or 0.2%, to $12.88 per share from $12.85 per share as of December 31, 2015.
“During the second quarter, we generated premiums written of $196.9 million, an increase of 6.9% compared to the prior year’s second quarter. Our combined ratio for the quarter was 119.2%, which was disappointing and reflects adverse development on several contracts in the quarter. Market conditions in the lines of business that we focus on continue to present challenges in finding profitable underwriting opportunities,” commented John Berger, Chairman and Chief Executive Officer.
“Our investments performed well in the second quarter. We generated an investment return of 4.0% in the second quarter and a further 2.6% in July bringing the year to date return through July to 4.6%.”
