Third Point Re 2014 Q1 Income: $39.8 Million
Bermuda-based Third Point Reinsurance Ltd. announced results for its first quarter ended March 31, 2014, reporting net income of $39.8 million, compared with $74.4 million for the first quarter of 2013, a decrease of 46.6%.
For the three months ended March 31, 2014, diluted book value per share increased by $0.31 per share, or 2.4%, to $13.43 per share from $13.12 per share as of December 31, 2013.
“We continue to develop our business according to plan,” commented John Berger, Chairman, Chief Executive Officer and Chief Underwriting Officer.
“In the first quarter of 2014, our ‘Total Return’ approach generated growth in diluted book value per share of 2.4%. Investment returns remained solid and our combined ratio improved to 107.1% from 111.6% in the previous year’s first quarter.
“Reinsurance market conditions remain challenging, particularly with new capital entering the market, but we remain pleased with the number of attractive opportunities we are seeing.”
