Montpelier Re reports net income of $53m
Reinsurance firm Montpelier Re yesterday said it had a “strong” third quarter — and that all arms of the business contributed to its profits.
The results left the firm with a total shareholder equity of more than $1,695 million and total capital in excess of $2,094 million.
Christopher Harris, president and chief executive officer of the firm, said performance was down to a “focused business strategy and solid underwriting execution.”
He added: “We also continued to strengthen the quality of risk analytic services we can bring to clients with the successful launch of the Montpelier Risk Institute.”
The results — to the end of September — showed operating income for the quarter at $72 million, representing a quarterly return on common equity of five percent and a net income of $53 million.
The net income from realised and unrealised losses from investments and foreign exchange — included in net income — was $19 million for the quarter.
The figures also reveal that Montpelier repurchased more than 1.2 million shares at an average of $25.53 per share.
The report on the quarter added: “During the fourth quarter of 2013, the company has thus far repurchased an additional 330,176 shares at an average price per share of $26.66.”
Montpelier Re Bermuda also includes Montpelier at Lloyds and Blue Capital Reinsurance Holdings Ltd, established in June this year.