Bermuda-based Montpelier Re Holdings Ltd. reported its financial results for the quarter ended September 30, 2013.
The bulletin said: “Fully converted book value per common share was $28.06, an increase of 4.2 percent from June 30, 2013 and 8.7 percent from December 31, 2012, after taking into account common share dividends declared during the period.
“Operating income for the quarter was $72 million, or $1.38 per common share, representing a quarterly return on common equity of 5.0 percent. Net income was $53 million, or $1.02 per common share.” Net income for the first nine months of 2013 was $117.8 million.
“The net impact of realized and unrealized losses from investments and foreign exchange, which is included in net income, was $19 million for the quarter,” the bulletin continued.
“Net premiums written and earned in the quarter were consistent with those of a year ago. The loss ratio for the quarter was 18 percent, which includes $36 million of favorable prior year loss reserve movements. The combined ratio was 54 percent for the quarter.
“Net investment income was $17 million and the total return on the investment portfolio was 0.6 percent for the quarter.”
President and CEO Christopher Harris commented: “Our focused business strategy and solid underwriting execution contributed to a strong third quarter. Montpelier Re Bermuda, Montpelier at Lloyd’s, and Blue Capital combined to deliver strong profitability with a 5.0 percent quarterly operating ROE and a 54 percent quarterly combined ratio. We also continued to strengthen the quality of risk analytic services we can bring to clients with the successful launch of the Montpelier Risk Institute.”
Source: Montpelier Re
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