Hashtag: #FirstQuarter2010Results
BF&M: Earnings of $5.9 Million for 2010 1st Quarter
BF&M Limited today [May 25] announced net earnings for the 3 month period ended March 31, 2010 of $5,916,313, resulting in a return on shareholders equity of 14%. John Wight, CEO, said that the results were largely due to investments, and that higher health claims impacted the business. These results compared with net earnings of $888,614 for... Read more of this article
Assured Guaranty 2010 1st Quarter Raises 41%
Bermuda based Assured Guaranty Ltd reported $89.6 million operating income for the first quarter of 2010, a 41% increase from $63.4 million for the same period last year. The July 1, 2009 acquisition of Financial Security Assurance Holdings Ltd., which has now been renamed Assured Guaranty Municipal Holdings Inc. [AGMH], is the principal reason for... Read more of this article
Argo Net Income Drops Due to Catastrophes
Bermuda based Argo Group International Holdings Ltd announced a net income of $20.7 million in the first quarter of 2010, a $6.3 million drop from last year’s first quarter. The company sustained a $21.6 million loss from the earthquake in Chile, with Argo CEO Mark E. Watson saying the catastrophic events during the first quarter had a substantial... Read more of this article
Endurance: $55 Million First Quarter Net Income
Endurance Specialty Holdings Ltd, which is headed up by Bermudian David Cash, today reported net income of $55.8 million for the first quarter of 2010, a drop of over $20 million from last year’s first quarter. The $55.8 million [$0.91 per diluted common share] for the first quarter of 2010 compares to net income of $78.3 million [$1.24 per diluted... Read more of this article
Despite Chile XL Records $128 Million Net Income
Despite suffering what CEO Mike McGavick termed the “heaviest levels of first quarter catastrophe activity in history” one of Bermuda’s largest reinsurers XL Capital Ltd today reported net income of $128 million, or $0.37 per ordinary share for the period ended March 31, 2010. The 2010 first quarter results are a drop from 2009, which... Read more of this article
Aspen’s First Quarter Impacted By Chile Loss
Bermuda-based Aspen Insurance Holdings reported a first quarter net income of $18.3 million, down from $91.4 million in the same quarter last year, which is attributed to the $100.3 million loss from the earthquake in Chile. Chris O’Kane, Chief Executive Officer said: The first quarter of 2010 saw an exceptionally high number of natural catastrophes... Read more of this article
Everest Re Dips to 1st Q Loss on Chile Quake
Bermuda-based Everest Re Group Ltd. reported a net loss of $22.7 million after the reinsurer was hit by losses tied to the Chile earthquake and European windstorm. Catastrophe losses were a record $275.6 million, after the company warned last month it expected losses exceeding $200 million from the Chile quake and the European windstorm Xynthia. Everest... Read more of this article
RenaissanceRe 1st Q Profit Jumps $68 Million
Bermuda based RenaissanceRe reported net income available to common shareholders of $165.0 million, a raise of $67.7 million over the first quarter of 2009. The $165 million [$2.73 per diluted common share] compares favorably to $97.3 million [$1.57 per diluted common share] for the first quarter of 2009. Operating income available to common shareholders... Read more of this article
Montpelier Re 1st Q: $10 Million Net Income
Bermuda based Montpelier Re Holdings Ltd reported a $10 million net income for the first quarter of 2010, after the company saw a loss of $94 million associated with the Chilean earthquake. This compares to a $52.3 million gain in last year’s first quarter. Fully converted book value per share was $21.36 at March 31, 2010, an increase of 1.5%... Read more of this article
American Safety Insurance: 1st Q $6.5 Million
Bermuda based American Safety Insurance Holdings Ltd reported first quarter net earnings of $6.5 million [$0.61 per diluted share] compared to $5.5 million [$0.53 per diluted share] for the same period in 2009. Financial highlights for the quarter included: Book value increased to $27.23 per outstanding share and $26.21 per diluted share at quarter... Read more of this article
Butterfield Bank: 1st Quarter Loss of $176 Million
Bermuda oldest bank, the Bank of NT Butterfield have announced a first quarter net loss of $176.3 million for the three months ended March 31 2010, compared to a net loss of $20.8 million in the prior year. An approximate loss in this range was anticipated following the strategic restructuring and de-risking of the Bank’s balance sheet according to... Read more of this article
Axis Capital Posts $112 Million Q1 Net Income
Bermuda based re/insurer AXIS Capital Holdings Limited reported net income available to common shareholders of $112 million [$0.79 per diluted common share] for the first quarter of 2010, compared with net income of $116 million [$0.78 per diluted common share] for the first quarter of 2009. Operating income for the first quarter of 2010 was $96 million,... Read more of this article
Arch Capital 1st Quarter: 50% Above 2009
Bermuda based Arch Capital Group Ltd net income available to shareholders for the first quarter of 2010 rose 50% compared to 2009. Arch reports that net income available to common shareholders for the 2010 first quarter was $210.5 million [$3.79 per share] compared to $139.9 million [$2.24 per share] for the 2009 first quarter. Arch also reported after-tax... Read more of this article
