Third Point Reinsurance Ltd., headquartered in Bermuda, reported net income of $15.7 million, or $0.15 per diluted common share, for the second quarter of 2015, compared with net income of $31.3 million, or $0.29 per diluted common share, for the second quarter of 2014, a decrease of 49.9 percent.
For the six months ended June 30, 2015, Third Point Re reported net income of $66.1 million, or $0.62 per diluted common share compared with net income of $71.1 million, or $0.66 per diluted common share, for the six months ended June 30, 2014, a decrease of 6.9 percent.
For the second quarter, the company reported a combined ratios of 107.8 percent, compared with 145.5 percent for the same period in 2014. For the first half, the combined ratio came to 105.1 percent, compared with 104.9 percent reported in the first six months of 2014.
For the three months ended June 30, 2015, diluted book value per share increased by $0.15 per share, or 1.1 percent, to $14.12 per share from $13.97 per share as of March 31, 2015. For the six months ended June 30, 2015, diluted book value per share increased by $0.57 per share, or 4.2 percent, to $14.12 per share from $13.55 per share as of December 31, 2014.
“During the second quarter, we continued to build out our reinsurance platform in the U.S. and generated significant growth in premiums primarily from our new U.S.-focused reinsurance company,” commented John Berger, chairman and chief executive officer. “Although our combined ratio was elevated in the quarter due to $3.2 million of losses from weather activity in Texas and $2.0 million of adverse reserve development, we remain committed to our goal of underwriting profitability,”
During the second quarter, the company generated premiums written of $184.3 million, an increase of 26.7 percent over the $145.5 million reported for the same period in 2014. For the first six months, gross premiums written were $397.7 million, compared with $233.1 million for the same period in 2014.
Net investment income for the second quarter was $38.6 million, compared with $40.5 million reported for the same period in 2014. For the first half of this year, the company reported net investment income of $103.5 million, compared with $90.5 million for the same period last year.
Third Point Re continued to develop a strong pipeline of new business during the quarter, while the company’s investment manager, Third Point LLC, “continued to outperform the broader market indices this year producing a 1.7 percent return on our investment portfolio for the quarter and 4.8 percent for the year.” (Third Point LLC is wholly owned by Daniel S. Loeb, who one of the company’s founding shareholders and an American hedge fund manager).
Source: Third Point Re
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