Catastrophe losses hit Blue Capital
Blue Capital Reinsurance Holdings Ltd posted a net loss of $1.1 million for the one-month period ended July 31, 2019 and net income of $1.7 million for the first seven months of the year.
The company’s fully converted book value per common share was $8.17 at September 30, 2019, reflecting a 6.3 per cent decrease for the quarter inclusive of dividends declared and paid.
Blue Capital, which previously offered collateralised reinsurance products and invested in insurance-linked securities, is in the process of winding down its operations.
The company said it realised attritional losses related to catastrophe events that occurred during the current quarter, as well as increased claim estimates related to 2017 and 2018 catastrophes, which contributed to the decline in book value per share.
Michael McGuire, chairman and chief executive officer of Blue Capital, said: “During the third quarter, the company continued to implement an orderly run-off and achieved a strong first step through declaring and paying a special distribution of $1.51 per common share, which represented nearly 15 per cent of the June 30, 2019 fully converted book value per share.
“We remain focused on winding down operations as quickly and efficiently as possible.”
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