Third Point Re 2017 Q3: $54.7M Net Income

November 10, 2017

Bermuda-based Third Point Reinsurance Ltd. announced results for its third quarter ended September 30, 2017.

Third Point Re reported net income available to common shareholders of $54.7 million, or $0.52 per diluted common share, for the three months ended September 30, 2017, compared to $72.1 million, or $0.68 per diluted common share, for the three months ended September 30, 2016.

For the nine months ended September 30, 2017, Third Point Re reported net income available to common shareholders of $233.4 million, or $2.22 per diluted common share, compared to $74.3 million, or $0.70 per diluted common share, for the nine months ended September 30, 2016.

For the three months ended September 30, 2017, diluted book value per share increased by $0.50 per share, or 3.4%, to $15.24 per share as of September 30, 2017, from $14.74 per share as of June 30, 2017. For the nine months ended September 30, 2017, diluted book value per share increased by $2.08 per share, or 15.8%, to $15.24 per share from $13.16per share as of December 31, 2016.

“Our strong performance for 2017 continued through the third quarter with a return on beginning shareholders’ equity of 3.5%, bringing our nine month return to 16.8%,” commented Rob Bredahl, President and Chief Executive Officer.

“Our investment manager, Third Point LLC continues to have a great year and has generated an investment return of 14.6% through the first nine months of the year and 17.6% through October 2017. We reported a combined ratio of 111.9% for the quarter ended September 30, 2017, which included $5.3 million, or 5.0 percentage points on our combined ratio, related to third quarter catastrophes.

“The small net loss from these events was within expectations given our limited exposure and reflects our decision to avoid highly volatile forms of reinsurance such as catastrophe excess of loss treaties.”

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