Profits rebound at Enstar and White Mountains on investment gains
Bermuda-based insurers Enstar and White Mountains both saw their profitability increase year on year in the third quarter of 2020 driven by strong investment performance.
Enstar reported a net profit of $615 million for the Q3 2020, up from $117.7 million for the same period of 2019. This included net realised and unrealised gains of $500 million for the quarter, including $432.7 million relating to other investments and equities and $67.3 million relating to fixed income securities.
White Mountains posted a net profit of $232.9 million for Q3 2020, compared with $48.7 million for the same period in the previous year.
During the quarter, the company's investment portfolio returned 2.8 percent as both equity and fixed income markets edged higher. Its BAM business wrote $30 million of total premiums, with demand for bond insurance remaining elevated.
Manning Rountree, chief executive of White Mountains, described it as “an active quarter, producing both noteworthy transactions and good results,” including a transaction with Ark Insurance Holdings that is expected to complete in January 2021, and the IPO of MediaAlpha in October.
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