Reinsurer Montpelier Re yesterday reported profit of $210.9 million for 2013.

And the firm recorded year-end total capital of more than $2 billion and total shareholders’ equity in excess of $1.6 billion.

President and CEO Christopher Harris said: “The fourth quarter marked a strong end to a successful year for Montpelier.

“Solid underwriting execution across each of our operating segments combined to deliver strong profitability, with an 18.8 percent return on equity for the year.”

And Mr Harris added that the launch last year of subsidiary Blue Capital had further strengthened the firm’s presence in the reinsurance field.

Mr Harris added: “Despite competitive market conditions during the January renewals, we continued to succeed in achieving preferred signings and in expanding our product mix.

“With our strong balance sheet and specialist underwriting approach, we believe are positioned to perform well across market cycles.”

The firm also reported book value per common share of $29.42, an increase of 5.3 percent for the fourth quarter of the year and increase of 14.3 percent for the full year.

Operating income for the fourth quarter totalled $90 million, or $1.78 per common share — a quarterly return on income of 6.2 percent.

Net income was $73 million, or $1.44 a share, which included $2 million of realised and unrealised investment gains, $11 million of net foreign exchange losses and an $8 million one-time expense relating to the initial public offering last year of the company’s property reinsurance subsidiary Blue Capital Re.