Third Point Re Announces Q3 Earnings Results
Third Point Reinsurance Ltd. announced results for its third quarter ended September 30, 2020.
“Third Point Re reported net income available to common shareholders of $68.7 million, or $0.73 per diluted common share, for the three months ended September 30, 2020, compared to a net loss attributable to common shareholders of $15.1 million, or $0.16 per diluted common share, for the three months ended September 30, 2019,” the company said.
“For the nine months ended September 30, 2020, Third Point Re reported net income available to common shareholders of $9.1 million, or $0.10 per diluted common share, compared to net income available to common shareholders of $170.9 million, or $1.84 per diluted common share, for the nine months ended September 30, 2019.”
“We produced solid third quarter results with a return on equity for the quarter of 5.1% driven by strong investment performance. Our diluted book value per share at the end of the quarter was $15.06.
“The combined ratio for the third quarter was 119.9%, of which $29.6 million was attributable to catastrophe losses and $15.6 million was attributable to the ongoing impacts of COVID-19, for a total impact of 31.9% on the combined ratio,” commented Dan Malloy, Chief Executive Officer.
“The impact on our results from catastrophe losses and ongoing impacts of COVID-19 were within expectations given the large number of events during the quarter. We continue to see improvements in market conditions across many lines of business.
“In particular, our recently announced partnership to form a new MGA, Arcadian Risk Capital, will allow us to take advantage of opportunities in excess casualty and professional lines insurance. Our previously announced merger with the Sirius Group remains on track to close in the first quarter of 2021. Our capital position remains strong and SiriusPoint will be well-positioned to take advantage of improving underwriting conditions.”
