Blue Capital Reports 2016 2Q Financial Results
Blue Capital Reinsurance Holdings Ltd., a Bermuda holding company, reported its financial results for the second quarter of 2016.
The Company’s net income and operating income was $2.0 million [$0.22 per share] for the second quarter of 2016 and $6.9 million [$0.79 per share] for the six months ended June 30, 2016.
Reinsurance premiums written for the current quarter and year to date were $9.3 million and $26.7 million, increasing $1.7 million and declining $1.0 million compared to the same periods in 2015. The current quarter’s premiums written benefited from $0.7 million of reinstatement premiums compared to no reinstatement premiums received in the same period a year ago.
During the second quarter of 2016, the Company declared a regular dividend of $0.30 per common share, which was paid on July 15, 2016.
Adam Szakmary, President and CEO, commented: “The second quarter included a greater frequency of global catastrophe events and Blue Capital’s ability to generate a profit reflects our strong risk management and the benefits of maintaining a portfolio of diverse catastrophe risks.
“During mid-year renewals, our portfolio’s average price decline of approximately 3% moderated compared to the 5% decline experienced a year ago. Through our advantageous partnership with Endurance and the leveraging of our experienced underwriters, we were able to assemble an attractive portfolio during the mid-year renewals.”
