Earnings Report: Montpelier Re

February 13, 2012

Q4 2011 Q4 2010
Gross premiums written —- $91.7 mn $102.3 mn
Full year – 2011 2010
$725.5 mn $720.0 mn
Net premiums earned ——- $148.3 mn $162.2 mnn
Full year – 2011 2010
$622.7 mn $625.4 mn
Net income/loss —————– $28.4 mn $42.2 mn
Full year – 2011 2010
($115.2 mn) $212.0 mn
Operating income/loss —– $16.2 mn) $53.9 mn
Full year 2011 2010
($154.40 mn) $164.0 mn
Q4 2011 Q4 2010
Investment gain/loss* —- $31.50 mn ($16.2 mn)
Full year 2011 2010
$26.2 mn $50.60 mn
Net investment income —— $17.10 mn $16.50 mn
Full year 2011 2010
$68.70 mn $74.0 mn

Q4 Loss ratio – 116.9 percent (74.1 percent in Q4 2010);
Full year – 131.1 percent (2010 – 82.0 percent)

*combined figures for both realized and unrealized gains and losses

Chairman and CEO Christopher Harris commented: “We made important strategic progress in 2011 with the sale of a non-core business and the expansion of our property catastrophe underwriting partnerships. These initiatives enhanced our capital flexibility, improved our competitive positioning, and contributed to a successful January renewal season. While industry challenges still remain, I am confident that Montpelier will continue to build on its strengths in 2012 and capitalize on the increasingly positive prospects for many of our business lines.”

As of December 31, 2011, shareholders’ equity was $1.55 billion and total capital was $1.88 billion. During the fourth quarter, the Company repurchased 1,184,700 common shares at an average price of $17.11 per share, leaving $145 million authorized under its current share repurchase program.

The complete report and information on accessing the earnings conference call may be obtained on the company’s website.

Source: Montpelier Re

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