Third Point Reports 2014 Q3 Earnings Results
Bermuda-based Third Point Reinsurance Ltd. announced results for its fiscal third quarter ended September 30, 2014, reporting a net loss of $6.0 million, or $[0.06] per diluted common share, for the third quarter of 2014, compared with net income of $46.6 million, or $0.51 per diluted common share, for the third quarter of 2013, a decrease of 112.9%.
For the nine months ended September 30, 2014, Third Point Re reported net income of $65.1 million, or $0.61 per diluted common share, compared with $147.2 million, or $1.75 per diluted common share, for the nine months ended September 30, 2013, a decrease of 55.8%.
For the three months ended September 30, 2014, diluted book value per share decreased by $0.04 per share, or (0.3)%, to $13.68 per share from $13.72 per share as of June 30, 2014. For the nine months ended September 30, 2014, diluted book value per share increased by $0.56 per share, or 4.3%, to $13.68 per share from $13.12 per share as of December 31, 2013.
“While the overall result for the quarter is disappointing, I am pleased with the high volume of opportunities we are seeing and the continued improvement in our combined ratio,” commented John Berger, Chairman, Chief Executive Officer and Chief Underwriting Officer. ”
Our combined ratio dropped to 101.7% in the quarter from 107.9% in the prior year’s third quarter as our earned premium grew and our general and administrative expense ratio continued to decline. The return on our investment portfolio managed by Third Point LLC was flat for the quarter, consistent with the performance of the broader markets.”
