Third Point Re Report Q2 Earnings Results
Bermuda-based Third Point Reinsurance Ltd. announced results for its second quarter ended June 30, 2018.
Third Point Re reported net income available to common shareholders of $19.6 million, or $0.19 per diluted common share, for the three months ended June 30, 2018, compared to net income of $74.6 million, or $0.71 per diluted common share, for the three months ended June 30, 2017.
For the six months ended June 30, 2018, Third Point Re reported a net loss available to common shareholders of $6.4 million, or $0.06 per diluted common share, compared to net income available to common shareholders of$178.8 million, or $1.70 per diluted common share, for the six months ended June 30, 2017.
For the three months ended June 30, 2018, diluted book value per share increased by $0.24 per share, or 1.6%, to $15.63per share as of June 30, 2018, from $15.39 per share as of March 31, 2018. For the six months ended June 30, 2018, diluted book value per share decreased by $0.02 per share, or 0.1%, to $15.63 per share from $15.65 per share as of December 31, 2017.
“We had modest gains in our investment portfolio in the second quarter and our underwriting results continued to improve as we incrementally add higher margin business. Our combined ratio for the second quarter was 103.6%, compared to 107.0% in the prior year’s second quarter and 104.5% for the first quarter of 2018,” commented Rob Bredahl, President and Chief Executive Officer.
“During the second quarter, we generated gross premiums written of $50 million, bringing our gross premium written for the year to date period to $428 million, an increase of 41% compared to the prior year’s first half. Lastly, we repurchased $37 million of our common shares in the second quarter at a significant discount to our diluted book value per share, which we continue to believe is an appropriate use of our capital given our recent share price.”
