Platinum Underwriters Reports Q3 Results
Bermuda-based Platinum Underwriters Holdings, Ltd. reported net income of $29.1 million and diluted earnings per common share of $1.12 for the quarter ended September 30, 2014.
The results for the quarter include net premiums earned of $129.5 million, net favorable development of $23.5 million and net investment income of $17.5 million.
Michael D. Price, Platinum’s Chief Executive Officer, commented, “Our results reflect favorable prior period development, investment results on a total return basis, and active capital management, as well as the impact of tornado and hail activity in North America which affected certain regional catastrophe covers and crop/hail programs. Our book value per common share was $68.34 as of September 30, 2014, an increase of 1.4% from June 30, 2014.”
Mr. Price added, “Absent major events in the insurance or capital markets, we expect capacity for insurable risks to remain high, resulting in continued downward pressure on overall rate adequacy. With a strong balance sheet and broad market access, our talented and experienced underwriting, investment, and risk professionals are well positioned to assume and manage a variety of risks in the current challenging market environment.”
