Blue Capital Reports Q4 2019 Financial Position

February 1, 2020 | 0 Comments

Blue Capital Reinsurance Holdings Ltd. a Bermuda holding company, reported its financial position for the fourth quarter of 2019.

“The Company, through its operating subsidiaries, previously offered collateralized reinsurance in the property catastrophe market and invested in various insurance-linked securities. The Company is currently winding down its operations,” a spokesperson said.

“Net assets in liquidation declined $4.6 million dollars in the current quarter largely driven by the special distribution to shareholders of $5.0 million. Partially offsetting the dividend was a benefit of approximately $0.4 million related to positive adjustments to premiums and acquisition expenses coupled with losses that were lower than anticipated.

“The Company’s fully converted book value per common share was $7.65 at December 31, 2019, reflecting a 0.6% increase for the quarter and a 2.8% decrease for full year 2019, each inclusive of dividends declared in such periods.

“During the fourth quarter of 2019, the Company declared a special distribution of $0.57 per common share, which was paid on December 20, 2019.”

Michael J. McGuire, Chairman and CEO, commented: “During the fourth quarter, the Company’s orderly runoff continued with the payment of an additional special distribution that increased our total 2019 special distributions to over 20% of the June 30, 2019 fully converted book value per share. We continue to efficiently manage the run-off of the business and anticipate de-listing from the NYSE in March to reduce our operating expenses.”

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