Log In

Reset Password
BERMUDA | RSS PODCAST

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.

You must be Registered or to post comment or to vote.

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

Platinum Q2 profit dips

What you
Need to
Know
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon