Bermuda-based Montpelier Re Holdings Ltd. reported a fully converted book value per share of $16.08, an increase of 4.4 percent for the quarter inclusive of dividends.
Comprehensive income for the quarter ended March 31, 2007 was $72.6 million, or $0.75 per diluted common share.
Operating income, which excludes foreign exchange and investment gains and losses, was $60.3 million, or $0.62 per diluted common share.
The combined ratio was 65.6 percent, which included $35 million, or 24.5 points, relating to Kyrill offset in part by $8 million, or 5.6 points, of favorable prior period reserve development.
Chairman and CEO Anthony Taylor commented: “This was another solid quarter. We produced a quarterly return of 4.4 percent despite the impact of Kyrill. Gross premiums written increased by 16 percent during the quarter as we allocated more capacity to January renewals. This is the reverse of the pattern experienced in 2006 when we held back capacity at the January renewal period and deployed more capacity on mid-year renewals. Although current rate levels remain healthy, we expect premium volume to decline for the remainder of the year.”
The complete report and the Financial Supplement may be obtained on the Company’s web site at: www.montpelierre.bm.