Third Point Re 2018 Q1 Earnings Results

May 12, 2018

Bermuda-based Third Point Reinsurance Ltd. announced results for its first quarter ended March 31, 2018.

Third Point Re reported a net loss available to common shareholders of $26.0 million, or $[0.26] per diluted common share, for the three months ended March 31, 2018, compared to net income of $104.2 million, or $0.98 per diluted common share, for the three months ended March 31, 2017.

For the three months ended March 31, 2018, diluted book value per share decreased by $0.26 per share, or 1.7%, to $15.39per share as of March 31, 2018, from $15.65 per share as of December 31, 2017.

“During the first quarter, we generated premiums written of $378 million, an increase of 159% compared to the prior year’s quarter. Our combined ratio for the quarter was 104.5%, compared to 106.3% in the prior year’s first quarter,” commented Rob Bredahl, President and Chief Executive Officer.

“We experienced significant premium growth in the first quarter compared to the prior year, driven by new business and the timing of certain renewals. We were pleased with the business written during the quarter, which was generally at improved terms and underlying pricing.

“We expect this to contribute to an improvement in our underwriting results as this premium is earned. Our investment returns and overall return on equity reflected a modest loss for the quarter, however, we remain confident that the improvements in our underwriting results as well as Third Point LLC’s proven track record will generate attractive returns to our shareholders over time.”

Share via email

Read More About

Category: All, Business

.