Platinum Reports Net Loss Of $20.4 Million
Bermuda based re/insurer Platinum Underwriters Holdings Ltd. today [July 19] reported a net loss of $20.4 million and a loss per common share of $0.55 for the quarter ended June 30, 2011.
The results for the quarter include net premiums earned of $172.4 million, net favorable development of $16.4 million, net investment income of $34.0 million and net realized losses on investments of $4.7 million.
The results also reflect the net negative impact of $74.8 million from catastrophe losses, net of retrocessional coverage, reinstatement premiums and taxes.
Michael D. Price, Platinum’s Chief Executive Officer, commented, “Our net income was adversely affected by natural catastrophe losses again this quarter. Our book value per common share, however, grew by 1.7% in the quarter to $45.43 as of June 30, 2011 aided by strong investment results on a total return basis.”
Mr. Price added, “While seasonal forecasters are anticipating an elevated level of Atlantic windstorm activity this year, we enter the hurricane season strongly capitalized and well-positioned for the subsequent January 1 renewal period.”
The full 30-page report is below, click ‘Fullscreen’ on bottom for greater clarity:
