Platinum: Net Income of $93.7 Million
Platinum Underwriters Holdings, Ltd. reported net income of $93.7 million and diluted earnings per common share of $2.13 for the quarter ended September 30, 2010.
The results for the quarter include net premiums earned of $183.4 million, net favorable development of $34.6 million and net investment income and net realized gains on investments of $75.4 million.
Michael D. Price, Platinum’s CEO commented, “Our book value per common share grew by 7.6% in the quarter to $55.13 as of September 30, 2010. These results reflect $28.5 million in estimated net losses from the New Zealand earthquake, favorable reserve development, strong investment performance on a total return basis, active capital management and the favorable impact of a change to our estimate of administrative costs of managing claims.”
Mr. Price added, “Despite an overcapitalized reinsurance marketplace, we have developed an acceptable portfolio of treaty reinsurance risks. Through active management, we have better aligned our capital base with business opportunities.”
Results for the quarter ended September 30, 2010 are summarized as follows:
- * Net income was $93.7 million and diluted earnings per common share were $2.13.
- * Net premiums written were $199.4 million and net premiums earned were $183.4 million.
- * GAAP combined ratio was 68.1%.
- * Net investment income was $31.1 million.
- * Net realized gains on investments were $44.3 million.
Results for the quarter ended September 30, 2010 as compared with the quarter ended September 30, 2009 are summarized as follows:
- * Net income decreased $15.8 million (or 14.4%).
- * Net premiums written decreased $44.2 million (or 18.1%) and net premiums earned decreased $46.1 million (or 20.1%).
- * GAAP combined ratio decreased 4.2 percentage points.
- * Net investment income decreased $13.7 million (or 30.5%).
- * Net realized gains on investments increased $21.8 million
