Third Point Re 2016 Q4 Earnings Results
Bermuda-based Third Point Reinsurance Ltd. announced results for its fourth quarter ended December 31, 2016.
Third Point Re reported a net loss of $46.7 million, or $[0.45] per diluted common share, for the fourth quarter of 2016, compared to net income of $42.2 million, or $0.39 per diluted common share, for the fourth quarter of 2015.
For the year ended December 31, 2016, Third Point Re reported net income of $27.6 million, or $0.26 per diluted common share, compared with a net loss of $87.4 million, or $[0.84] per diluted common share, for the year ended December 31, 2015.
As of December 31, 2016, diluted book value per share decreased by $0.39 per share, or 2.9%, to $13.16 per share from $13.55 per share as of September 30, 2016 and increased by $0.31 per share, or 2.4%, to $13.16 per share from $12.85 per share as of December 31, 2015.
John Berger, Chairman and Chief Executive Officer, said: ”During the fourth quarter, we generated gross premiums written of $80.8 million, bringing our full year gross premiums written to $617.4 million, which represented a decrease of 12.1% compared to the prior full year.
“In this challenging market, we believe that maintaining underwriting discipline is more important than premium growth. Our combined ratio for the quarter was 105.0%, which was in line with expectations given current market conditions and the lines of business on which we focus.
“Our investment return for the quarter was [1.7]% and we finished the year with a positive investment return of 4.2%. We are encouraged by a strong start to 2017 and remain confident in Third Point LLC’s ability to generate attractive returns even in volatile markets.”
