Third Point Re Announces Q4 Earnings Results
Third Point Reinsurance Ltd. [TPRE] announced results for its fourth quarter ended December 31, 2019.
Third Point Re reported net income available to common shareholders of $29.7 million, or $0.32 per diluted common share, for the three months ended December 31, 2019, compared to a net loss attributable to common shareholders of $298.0 million, or $3.24 per diluted common share, for the three months ended December 31, 2018.
For the year ended December 31, 2019, Third Point Re reported net income available to common shareholders of $200.6 million, or $2.16 per diluted common share, compared to a net loss available to common shareholders of $317.7 million, or $3.27 per diluted common share, for the year ended December 31, 2018.
“We are very pleased with our results for the fourth quarter and full year of 2019. Our return on equity was 2.1% in the fourth quarter bringing the full year to 16.7% and our diluted book value per share at the end of the year was $15.04,” commented Dan Malloy, Chief Executive Officer.
“Our combined ratio for the year was 103.2%, of which 4.1 percentage points, or $29.0 million, was attributable to catastrophe events that occurred during the year. Our combined ratio continues to improve as we execute on our shift in underwriting strategy. Our year to date investment return of 12.8% has contributed significantly to overall profits for the year.
“With underlying insurance and reinsurance market conditions both improving across many of the lines of business that we write, we believe we are well positioned to deliver increasingly attractive returns to shareholders and remain on track to achieve our goal of underwriting profitability in 2020.”
