Reinsurance firm Blue Capital posted profits of $4.4 million for the third quarter of the year.

The specialist in insurance-linked securities (ILS) said that was equivalent to 50 cents a share.

Reinsurance premiums written for the quarter were $5.9 million — a drop of $0.6 million compared to same period last year.

The fall was attributed to premium reductions in the global market.

Blue Capital president and CEO Adam Szakmary said: “Over the course of the year and the current quarter we continued to generate very attractive results, which remain largely uncorrelated to larger financial market volatility.

“Blue Capital’s strategy remains focused on providing investors diversified access to the preferred traditional property catastrophe market, without adding underlying asset macro-correlation.”

He added that the partial ownership by insurance and reinsurance firm Endurance, which acquired a stake in the company after it bought rival Montpelier, had enhanced Blue Capital’s shareholder value and its ability to survive tough market conditions.

Mr Szakmary said: “Partnering with an underwriting organisation that has greater scale, an enhanced market position and a larger more diversified global catastrophe book of business improves Blue Capital’s ability to compete in an increasingly competitive environment.”