Platinum Report $223.3M Net Income For 2013
Bermuda-based Platinum Underwriters Holdings, Ltd reported net income of $48.6 million and diluted earnings per common share of $1.71 for the quarter ended December 31, 2013 and net income of $223.3 million and diluted earnings per common share of $7.35 for the year ended December 31, 2013.
The results for the quarter include net premiums earned of $148.3 million, net favorable development of $33.3 million and net investment income of $17.9 million.
Michael D. Price, Platinum’s Chief Executive Officer, commented, “Platinum performed very well in 2013. We produced strong earnings per share reflecting favorable reserve releases, realized capital gains, and lower than expected catastrophe losses.
“Our annual return on equity was 12.9% and our book value per common share grew to $62.07 as of December 31, 2013, an increase of 7.2% for the full year.”
Mr. Price added, “During 2013 we returned significant capital to shareholders while remaining strongly capitalized and poised to respond to market opportunities.
“Although we expect 2014 will be challenging for both underwriting and investing, we will continue participating selectively in a variety of reinsurance and asset classes while prudently managing capital for the benefit of shareholders.”
