Platinum posts $86.5 million Q1 profit
Bermuda-based Platinum Underwriters reported a net income of $86.5 million for the first quarter of 2013.
The reinsurer attributes its $2.63 per share profit for the quarter to no losses from major catastrophes in the first three months of this year.
“Our results reflect favourable prior period development, the absence of major catastrophe activity and active capital management,” said Platinum CEO Michael Price.
“Absent major events in the insurance or capital markets, we expect stability in overall reinsurance rate adequacy.
“Given our attractive balance sheet composition and broad market access, we are well positioned to take advantage of quality reinsurance underwriting, investment and capital management opportunities as they arise.”
The company’s book value per common share grew to $60.23 as of March 31, 2013, an increase of 4.0 percent from December 31, 2012.
Platinum wrote less business during the quarter reporting that net premiums written decreased 6.2 percent and net premiums earned decreased by 8.2 percent.
The company’s combined ratio for the first quarter was 45.4 percent compared to 138.2 percent reported in 2012. Net investment income was $18.5 million — down $10 million (or 35.1 percent) year over year.
Total assets were $4.3 billion as of March 31, 2013, a decrease of $64.0 million (or 1.5 percent) from December 31, 2012.
Investments and cash and cash equivalents were $3.9 billion, a decrease of $64.5 million (or 1.6 percent) from December 31, 2012.
Shareholders’ equity was $1.9 billion as of the end of the first quarter, an increase of $18.1 million (or 1.0 percent) from the end of Q4 2012.
Platinum Underwriters Holdings is a leading provider of property, casualty and finite risk reinsurance coverages, through reinsurance intermediaries.
Platinum operates through its principal subsidiaries in Bermuda and the United States.
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