PR Newswire
HAMILTON, Bermuda, Feb. 27, 2020
HAMILTON, Bermuda, Feb. 27, 2020 /PRNewswire/ -- Third Point Reinsurance Ltd. ("Third Point Re" or the "Company") (NYSE: TPRE) today announced results for its fourth quarter ended December 31, 2019.
Earnings Summary
Third Point Re reported net income available to common shareholders of $29.7 million, or $0.32 per diluted common share, for the three months ended December 31, 2019, compared to a net loss attributable to common shareholders of $298.0 million, or $3.24 per diluted common share, for the three months ended December 31, 2018. For the year ended December 31, 2019, Third Point Re reported net income available to common shareholders of $200.6 million, or $2.16 per diluted common share, compared to a net loss available to common shareholders of $317.7 million, or $3.27 per diluted common share, for the year ended December 31, 2018.
"We are very pleased with our results for the fourth quarter and full year of 2019. Our return on equity was 2.1% in the fourth quarter bringing the full year to 16.7% and our diluted book value per share at the end of the year was $15.04," commented Dan Malloy, Chief Executive Officer. "Our combined ratio for the year was 103.2%, of which 4.1 percentage points, or $29.0 million, was attributable to catastrophe events that occurred during the year. Our combined ratio continues to improve as we execute on our shift in underwriting strategy. Our year to date investment return of 12.8% has contributed significantly to overall profits for the year. With underlying insurance and reinsurance market conditions both improving across many of the lines of business that we write, we believe we are well positioned to deliver increasingly attractive returns to shareholders and remain on track to achieve our goal of underwriting profitability in 2020."
Additional Information on Financial Results
The following table shows certain key financial metrics for the three and twelve months ended December 31, 2019 and 2018:
| Three months ended | | Twelve months ended | ||||||||||||||||
| December 31, | | December 31, | | December 31, | | December 31, | ||||||||||||
| ($ in millions, except for per share data and ratios) | ||||||||||||||||||
Gross premiums written | $ | 134.2 | | | | $ | 120.1 | | | $ | 631.8 | | | $ | 578.3 | | |||
Net premiums earned | $ | 198.4 | | | | $ | 209.5 | | | $ | 700.1 | | | $ | 621.4 | | |||
Net underwriting loss (1) | $ | (9.6) | | | | $ | (24.4) | | | $ | (22.3) | | | $ | (42.1) | | |||
Combined ratio (1) | | 104.8 | | % | | | 111.6 | | % | | | 103.2 | | % | | | 106.8 | | % |
Net investment return on investments managed by Third Point | | 2.4 | | % | | | (11.4) | | % | | | 12.8 | | % | | | (10.8) | | % |
Net investment income (loss) | $ | 61.6 | | | | $ | (276.8) | | | $ | 282.6 | | | $ | (251.4) | | |||
Net income (loss) available to Third Point Re common | $ | 29.7 | | | | $ | (298.0) | | | $ | 200.6 | | | $ | (317.7) | | |||
Diluted earnings (loss) per share available to Third Point Re | $ | 0.32 | | | | $ | (3.24) | | | $ | 2.16 | | | $ | (3.27) | | |||
Change in diluted book value per share (2) | | 1.9 | | % | | | (17.7) | | % | | | 15.9 | | % | | | (17.4) | | % |
Return on beginning shareholders' equity attributable to Third | | 2.1 | | % | | | (19.8) Werbung Mehr Nachrichten zur SiriusPoint Aktie kostenlos abonnieren
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