Third Point Re Reports Net Loss Of $14.7 Million
Bermuda-based Third Point Reinsurance Ltd. announced results for its fiscal fourth quarter and full year ended December 31, 2014.
Third Point Re reported a net loss of $14.7 million, or $(0.14) per diluted common share, for the fourth quarter of 2014, compared with net income of $80.1 million, or $0.75 per diluted common share, for the fourth quarter of 2013, a decrease of 118.3%.
For the year ended ended December 31, 2014, Third Point Re reported net income of $50.4 million, or $0.47 per diluted common share, compared with $227.3 million, or $2.54 per diluted common share, for the year ended December 31, 2013, a decrease of 77.8%.
For the three months ended December 31, 2014, diluted book value per share decreased by $0.13 per share, or 1.0%, to $13.55 per share from $13.68 per share as of September 30, 2014. For the year ended December 31, 2014, diluted book value per share increased by $0.43 per share, or 3.3%, to $13.55 per share from $13.12 per share as of December 31, 2013.
“The overall results for the quarter were disappointing due to challenging investment market conditions,” commented John Berger, Chairman and Chief Executive Officer. “While slightly higher than the returns of the broader hedge fund indices, the return on our investment portfolio managed by Third Point LLC was slightly negative for the quarter.
“We are making significant progress in developing our reinsurance business and believe we are well positioned to benefit from future investment portfolio gains. In the fourth quarter of 2014, gross premiums written increased by fifty percent, our combined ratio dropped to 100.2% and our float grew to $389.2 million.”
