Third Point Re Q2 Earnings, Board Updates

August 9, 2020 | 0 Comments

Third Point Reinsurance Ltd. [Third Point Re] today announced results for its second quarter ended June 30, 2020.

Earnings Summary

Third Point Re reported net income available to common shareholders of $124.0 million, or $1.33 per diluted common share, for the three months ended June 30, 2020, compared to 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.

For the six months ended June 30, 2020, Third Point Re reported a net loss attributable to common shareholders of $59.6 million, or $0.65 per diluted common share, compared to net income available to common shareholders of $186.0 million, or $2.00 per diluted common share, for the six months ended June 30, 2019.

“We were very pleased with our second quarter results with a return on equity for the quarter of 10.1%. Our combined ratio for the second quarter was 98.3%, of which 7.0 percentage points, or $9.9 million, was attributable to the ongoing impacts of COVID-19. Our diluted book value per share at the end of the quarter was $14.37,” commented Dan Malloy, Chief Executive Officer.

“Our investment portfolio had a significant bounce back in the second quarter with a 5.8% return on the consolidated investment portfolio with significant contributions from our investment in the Third Point Enhanced Fund as well as from our opportunistic credit investments that we made at the end of the first quarter.

“Our shift in business mix into higher margin property and specialty lines is benefiting from improving market conditions and with historically low interest rates, we expect to benefit from our differentiated investment strategy. Our capital position remains strong and we are well positioned to continue to deliver increasing shareholder value from both underwriting and investments.”

Board of Director Updates

Third Point Re also announced that Siddhartha [Sid] Sankaran, a current director, has been elected as Chairman of the Board, effective immediately. Joshua L. Targoff, the former Chairman, will remain on the Board.

In addition, the Company announced the appointment of Mehdi A. Mahmud as a member of its Board. Mr. Mahmud, 47 years old, currently serves as Chief Executive Officer and President of First Eagle Investment Management LLC, a subsidiary of First Eagle Holdings Inc.

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