Platinum Ltd. Net Income 2012 Q1: $53.3M
Bermuda based Platinum Underwriters Holdings, Ltd. reported net income of $53.3 million and diluted earnings per common share of $1.49 for the quarter ended March 31, 2012.
The results for the quarter include net premiums earned of $138.2 million, net favorable development of $27.8 million, net investment income of $28.6 million and net realized gains on investments of $22.3 million. The results also reflect the net negative impact of $24.8 million from major catastrophe losses, net of retrocessional coverage, reinstatement premiums and taxes.
Michael D. Price, Platinum’s Chief Executive Officer, commented, “Our results reflect the previously announced negative financial impact from severe weather in the United States, favorable prior period development, strong investment results on a total return basis and active capital management. Our book value per common share grew to $49.00 as of March 31, 2012, an increase of 3.0% from December 31, 2011.”
Mr. Price added, “Absent major events in the insurance or capital markets, we expect relative stability in overall reinsurance rate adequacy for the remainder of 2012. We are well positioned to take advantage of quality reinsurance underwriting opportunities as they arise and will continue with our strategy of underwriting for profitability not market share.”
The full financial supplement is here [PDF].
