Platinum Reports Net Income Of $38.3 Million
Bermuda-based Platinum Underwriters Holdings, Ltd. reported net income of $38.3 million and diluted earnings per common share of $1.32 for the quarter ended September 30, 2013.
The results for the quarter include net premiums earned of $135.4 million, net favorable development of $41.2 million, net investment income of $17.8 million and net losses from German hailstorms of $15.7 million.
Michael D. Price, Platinum’s Chief Executive Officer, commented, “Our performance reflects favorable prior period development, investment results on a total return basis and active capital management. Our book value per common share was $60.87 as of September 30, 2013, an increase of 2.0% from June 30, 2013.”
Mr. Price added, “Our talented professionals, strong balance sheet and financial flexibility allow us to operate effectively in the current challenging market conditions. We currently expect to write a portfolio of business in 2014 that is similar to our 2013 portfolio.”
Results for the quarter ended September 30, 2013 are summarized as follows:
- Net income was $38.3 million and diluted earnings per common share were $1.32.
- Gross premiums written were $146.8 million and net premiums written were $137.9 million.
- Net premiums earned were $135.4 million.
- Combined ratio was 65.5%.
- Net investment income was $17.8 million.
- Net realized losses on investments were $0.3 million.
Results for the quarter ended September 30, 2013 as compared with the quarter ended September 30, 2012 are summarized as follows:
- Net income was $38.3 million compared to net income of $84.9 million.
- Gross premium written increased by $0.6 million (or 0.4%) and net premiums written decreased $8.1 million (or 5.5%).
- Net premiums earned decreased $3.2 million (or 2.3%).
- Combined ratio increased 4.2 percentage points.
- Net investment income decreased $5.5 million (or 23.5%).
- Net realized losses on investments were $0.3 million compared to net realized gains on investments of $23.0 million.
