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Platinum Q2 profit dips

Platinum Underwriters Holdings has posted second-quarter profit of $49.9 million compared to net income of $67.5 million in the prior year.

The company said results for the quarter include net premiums earned of $142.9 million, net favourable development of $44.1 million, net investment income of $17.8 million and net realised gains on investments of $11.7 million, partially offset by $18.6 million of losses from second quarter major catastrophes.

“Our performance reflects favourable prior period development, investment losses on a total return basis and active capital management,” Michael D. Price, Platinum’s CEO, said.

“Our book value per common share was $59.67 as of June 30, 2013, a decrease of 0.9 percent from March 31, 2013.”

Platinum’s main subsidiaries are in Bermuda and the US.

Mr. Price added, “Absent major events in the insurance or capital markets, we expect mild deterioration in overall reinsurance rate adequacy. With our strong balance sheet and experienced underwriting, investment, and risk professionals we are well positioned to operate effectively in the current challenging market conditions.”

The company’s combined ratio was 74.4 percent, a decrease of 1.9 percentage points.

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Published July 19, 2013 at 9:00 am (Updated July 18, 2013 at 7:05 pm)

Platinum Q2 profit dips

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