Platinum Underwriters Report Q2 Results
Bermuda-based Platinum Underwriters Holdings, Ltd.reported net income of $67.5 million and diluted earnings per common share of $1.97 for the quarter ended June 30, 2012.
The results for the quarter include net premiums earned of $145.1 million, net favorable development of$23.2 million, net investment income of $26.2 million and net realized gains on investments of $25.0 million.
Michael D. Price, Platinum’s Chief Executive Officer, commented, “Our results reflect favorable non-catastrophe prior period development, strong investment results on a total return basis and active capital management.
“Catastrophe activity did not meaningfully impact our results this quarter. Our book value per common share grew to $51.84 as of June 30, 2012, an increase of 5.8% from March 31, 2012.”
Mr. Price added, “With our strong balance sheet, low expense structure, specialized analytic capabilities, and broad market access, we are well positioned to participate in those underwriting and investment opportunities that may exist during this soft portion of the insurance pricing cycle.”
Results for the quarter ended June 30, 2012 are summarized as follows:
- Net income was $67.5 million and diluted earnings per common share were $1.97.
- Gross premiums written were $141.2 million.
- Net premiums written were $141.5 million and net premiums earned were $145.1 million.
- Combined ratio was 76.3%.
- Net investment income was $26.2 million.
- Net realized gains on investments were $25.0 million.
