Bermuda-based Montpelier Re Holdings Ltd. reported operating income of $47 million (or $0.54 per share) for the quarter ended March 31, 2009, compared to $28.2 million for the same period of 2008. Comprehensive net income was $51 million (or $0.59 per share) for the quarter ended March 31, 2009.
Fully converted book value per share was $16.37 at March 31, 2009, an increase of 3.2 percent for the quarter, inclusive of dividends.
Montpelier Re said its “net loss estimate in respect of Hurricane Ike remained unchanged from year-end. The first quarter 2009 loss ratio totaled 35 percent, which includes 11 points ($15 million) in favorable releases from prior years’ loss reserves.”
Gross written premiums declined slightly in the first quarter to $250.6 million from $256.8 million in Q1, 2008; however net written premiums during the period rose to $237.8 million, compared to $222.1 million in Q1 2008.
CEO Chris Harris commented: “We produced a solid first quarter result with a combined ratio of 74 percent. Notwithstanding a reduction in our risk profile, the combination of strong rate levels and our expanded operating platform contributed to growth in net written premium of 7 percent.”
“We continue to see improving overall rate conditions across our underwriting operations, particularly within our property catastrophe treaty segment.”
The Company will host an earnings conference call today, April 28, 2009 at 8:30 a.m. Eastern Time. The full report and access to the presentation will be available on the Company’s website at www.montpelierre.bm.
Topics Profit Loss
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