Third Point Re 2016 Q1: Net Loss Of $51.1M
Bermuda-based Third Point Reinsurance Ltd. announced results for its first quarter ended March 31, 2016.
For the three months ended March 31, 2016, Third Point Re reported a net loss of $51.1 million, or $[0.49] per diluted common share, compared with net income of $50.5 million, or $0.47 per diluted common share, for the three months ended March 31, 2015.
For the three months ended March 31, 2016, diluted book value per share decreased by $0.48 per share, or 3.7%, to $12.37 per share from $12.85 per share as of December 31, 2015.
“During the first quarter, we generated premiums written of $197.2 million, a decrease of 7.6% compared to the prior year’s first quarter. Our combined ratio for the quarter was 104.9%, which is in line with our expectations given current market conditions and the lines of business on which we focus,” commented John Berger, Chairman and Chief Executive Officer.
“During the first quarter, we generated a negative investment return of 2.0%. During April, we generated an investment return of 1.8% bringing the year to date return through April to a slightly negative 0.2%.
“Despite challenging conditions in both the financial and reinsurance markets, we continue to believe in our total return model.”
