Third Point Re Report Q2 Earnings Results
Third Point Re, a specialty property and casualty reinsurer headquartered in Bermuda, reported net income available to common shareholders of $53.1 million, or $0.57 per diluted common share, for the three months ended June 30, 2019, compared to 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.
For the six months ended June 30, 2019, Third Point Re reported net income available to common shareholders of $186.0 million, or $2.00 per diluted common share, compared to a net loss available to common shareholders of $6.4 million, or $[0.06] per diluted common share, for the six months ended June 30, 2018.
“I am pleased with our second quarter results as we improved our combined ratio to 101.1% and Third Point LLC delivered another solid quarterly investment return of 2.9%, bringing our year-to-date return to 10.3%. We delivered a return on equity of 4.0% for the quarter and 15.4% for the first half of the year,” commented Dan Malloy, Chief Executive Officer. “I would like to highlight that our 101.1% combined ratio for the quarter means we are on track to achieve our goal of delivering underwriting profitability, subject to catastrophe events, by year end.
“This will be an important milestone for the company and a validation of our strategy to deliver value from both sides of our balance sheet. We have continued to build out our underwriting team over the past year, where we have successfully recruited talented underwriters, to allow us to expand our portfolio into new profitable lines of business including property catastrophe and specialty. We are encouraged with our progress to date with the build out of our team and portfolio positioning going better than expected.”
