Third Point Re 2017 Q4: $44.3M Net Income

March 2, 2018

Bermuda-based Third Point Reinsurance Ltd. announced results for its fourth quarter ended December 31, 2017.

Third Point Re reported net income available to common shareholders of $44.3 million, or $0.42 per diluted common share, for the three months ended December 31, 2017, compared to a net loss of $46.7 million, or $[0.45] per diluted common share, for the three months ended December 31, 2016.

For the year ended December 31, 2017, Third Point Re reported net income available to common shareholders of $277.8 million, or $2.64 per diluted common share, compared to $27.6 million, or $0.26 per diluted common share, for the year ended December 31, 2016.

For the three months ended December 31, 2017, diluted book value per share increased by $0.41 per share, or 2.7%, to $15.65 per share as of December 31, 2017, from $15.24 per share as of September 30, 2017. For the year ended December 31, 2017, diluted book value per share increased by $2.49 per share, or 18.9%, to $15.65 per share from $13.16per share as of December 31, 2016.

“Third Point Re generated a market leading return for its shareholders in 2017.  Our return on equity was 2.8% in the fourth quarter bringing the full year to 20.1%, driven largely by strong investment performance,” commented Rob Bredahl, President and Chief Executive Officer.

“Despite high levels of natural catastrophes throughout 2017, we produced a combined ratio of 107.1% in the fourth quarter and 107.7% for the year.  We have been encouraged by recent improvements in reinsurance terms and conditions and underlying pricing and expect our underwriting results to improve over the next 12 to 24 months.

“We remain confident that the improving underwriting environment and our proven investment strategy will continue to produce attractive returns for our shareholders over time.”

 

Share via email

Read More About

Category: All, Business

.