Third Point Re Announces Q1 Earnings Results
Bermuda-based Third Point Reinsurance Ltd. [TPRE] announced results for its first quarter ended March 31, 2019.
Third Point Re reported net income available to common shareholders of $132.9 million, or $1.43 per diluted common share, for the three months ended March 31, 2019, compared to a net loss attributable to common shareholders of $26.0 million, or $[0.26] per diluted common share, for the three months ended March 31, 2018.
For the three months ended March 31, 2019, diluted book value per share increased by $0.97 per share, or 7.5%, to $13.95 per share as of March 31, 2019, from $12.98 per share as of December 31, 2018.
The Board also announced today that Daniel Malloy, currently CEO of the Company’s main operating subsidiary, will be appointed as CEO of Third Point Reinsurance Ltd., effective May 10, 2019. Malloy will succeed J. Robert Bredahl, whose resignation has been accepted by the Board.
“We are pleased with our first quarter performance, which resulted in a return on beginning shareholders’ equity of 11% for the period driven by strong investment returns. We generated net income of $132.9 million in the quarter which was a record quarter for Third Point Re,” Mr. Malloy said.
“Consistent with our ongoing plans to increase our focus on higher margin business, we wrote a modestly sized property cat portfolio at 1/1 and announced the hiring of a specialty lines underwriting team. Both of these efforts to expand our underwriting platform have gone better than expected and were critical steps in reshaping our underwriting portfolio in order to achieve underwriting profitability. Our combined ratio for the quarter was 103.8% and we expect this to improve over time as we execute on our underwriting plan.”
