Investment income drop weighs on Third Point Re in Q2
A significant drop in investment income has pushed down Third Point Re’s earnings in the second quarter of 2018 while the Bermuda-based reinsurer managed to reduce the underwriting loss.
Net investment income dropped to $31.2 million in the second quarter of 2018 from $107.3 million in the second quarter of 2017. The group’s net income fell to $19.6 million from $74.6 million over the period.
At the same time, net underwriting losses were reduced to a negative $5.1 million in the second quarter of 2018 from a loss of $12.1 million in the same period of 2017. The combined ratio improved to 103.6 percent from 107.0 percent over the period.
"We had modest gains in our investment portfolio in the second quarter and our underwriting results continued to improve as we incrementally add higher-margin business,” said Third Point Re CEO Rob Bredahl.
Overall, the group reduced gross premiums written to $49.8 million in the second quarter of 2018 from $156.6 million in the same period a year ago.
Already registered?
Login to your account
If you don't have a login or your access has expired, you will need to purchase a subscription to gain access to this article, including all our online content.
For more information on individual annual subscriptions for full paid access and corporate subscription options please contact us.
To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.
For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk
Editor's picks
Editor's picks
More articles
Copyright © intelligentinsurer.com 2024 | Headless Content Management with Blaze