Third Point Re 2016 Q3 Income: $72.1 Million

November 6, 2016

Bermuda-based Third Point Reinsurance Ltd. announced results for its third quarter ended September 30, 2016.

Third Point Re reported net income of $72.1 million, or $0.68 per diluted common share, for the third quarter of 2016, compared to a net loss of $195.7 million, or $[1.88] per diluted common share, for the third quarter of 2015.

For the nine months ended September 30, 2016, Third Point Re reported net income of $74.3 million, or $0.70 per diluted common share, compared with a net loss of $129.6 million, or $[1.25] per diluted common share, for the nine months ended September 30, 2015.

As of September 30, 2016, diluted book value per share increased by $0.67 per share, or 5.2%, to $13.55 per share from $12.88 per share as of June 30, 2016 and increased by $0.70 per share, or 5.4%, to $13.55 per share from $12.85 per share as of December 31, 2015.

“During the third quarter, we generated premiums written of $142.6 million, a decrease of 30.6% compared to the prior year’s third quarter, primarily due to one large reserve cover that was written in the prior year period,”¬†commented John Berger, Chairman and Chief Executive Officer.

“Our combined ratio for the quarter was 106.5%, which was in line with expectations given current market conditions and lines of business on which we focus. Our investments continued to perform well through the third quarter resulting in a 5.2% increase in diluted book value per share for the quarter.”

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