Platinum Reports 2013 Q2 Earnings Of $49.9M
Bermuda-based Platinum Underwriters Holdings reported net income of $49.9 million and diluted earnings per common share of $1.61 for the quarter ended June 30, 2013.
The results for the quarter include net premiums earned of $142.9 million, net favorable development of $44.1 million, net investment income of $17.8 million and net realized gains on investments of $11.7 million, partially offset by $18.6 million of losses from second quarter major catastrophes.
Michael D. Price, Platinum’s Chief Executive Officer, commented, “Our performance reflects favorable prior period development, investment losses on a total return basis and active capital management. Our book value per common share was $59.67 as of June 30, 2013, a decrease of 0.9% from March 31, 2013.”
Mr. Price added, “Absent major events in the insurance or capital markets, we expect mild deterioration in overall reinsurance rate adequacy. With our strong balance sheet and experienced underwriting, investment, and risk professionals we are well positioned to operate effectively in the current challenging market conditions.”
