Reinsurance firm Montpelier Re posted operating income of $60.3 million for the last quarter of 2014, a company report has revealed.

That is equivalent to $1.34 of income per common share for the last quarter of last year.

The income per common share beat average analysts’ estimates of $1.04 for the final quarter of 2014.

The net income was $49 million or $1.09 per common share, with the $11 million difference put down to net realised and unrealised losses on investment and foreign exchange.

The firm said net premiums written in the fourth quarter of 2014 were 20 per cent up year on year — with a decline in premiums written by the Bermuda arm of the business offset by increases in Montpelier’s Lloyd’s of London and collateralised reinsurance sectors, while net premiums earned for the quarter were up 9 per cent.

Montpelier president and CEO Christopher Harris said: “The fourth quarter marked a strong end to a successful year for Montpelier.

“All operating segments delivered strong profitability, driving an increase in book value per share of 15 per cent for the year.”

And he added that the firm continued to see steady growth in capital under management at Blue Capital, which now stands at $790 million.

Mr Harris predicted a “flat” first quarter for 2015 for written premiums compared to the same period last year, but with increases in individual risk and other specialty lines offsetting the impact of targeted reductions in property catastrophe.

The firm listed an operating income available to common shareholders of $208.6 million for the year, with operating income per common share of $4.44 — 29 cents above the average estimate by analysts tracked by Yahoo Finance.