Third Point Re 2016 Q3 Income: $72.1 Million
Bermuda-based Third Point Reinsurance Ltd. announced results for its third quarter ended September 30, 2016.
Third Point Re reported net income of $72.1 million, or $0.68 per diluted common share, for the third quarter of 2016, compared to a net loss of $195.7 million, or $[1.88] per diluted common share, for the third quarter of 2015.
For the nine months ended September 30, 2016, Third Point Re reported net income of $74.3 million, or $0.70 per diluted common share, compared with a net loss of $129.6 million, or $[1.25] per diluted common share, for the nine months ended September 30, 2015.
As of September 30, 2016, diluted book value per share increased by $0.67 per share, or 5.2%, to $13.55 per share from $12.88 per share as of June 30, 2016 and increased by $0.70 per share, or 5.4%, to $13.55 per share from $12.85 per share as of December 31, 2015.
“During the third quarter, we generated premiums written of $142.6 million, a decrease of 30.6% compared to the prior year’s third quarter, primarily due to one large reserve cover that was written in the prior year period,” commented John Berger, Chairman and Chief Executive Officer.
“Our combined ratio for the quarter was 106.5%, which was in line with expectations given current market conditions and lines of business on which we focus. Our investments continued to perform well through the third quarter resulting in a 5.2% increase in diluted book value per share for the quarter.”
