A profit of $29.7 million, or 32 cents per share, has been reported by Third Point Re for the fourth quarter.That compares to a $298 million loss for the same period in 2018.The Bermudian-based reinsurer had net income of $200.6 million, or $2.16 per share, for the full year. In 2018, it made a $317.7 million loss.“Our return on equity was 2.1 per cent in the fourth quarter bringing the full year to 16.7 per cent and our diluted book value per share at the end of the year was $15.04,” Dan Malloy, chief executive officer, said.“Our combined ratio for the year was 103.2 per cent, of which 4.1 percentage points, or $29 million, was attributable to catastrophe events that occurred during the year. Our combined ratio continues to improve as we execute on our shift in underwriting strategy.“Our year-to-date investment return of 12.8 per cent has contributed significantly to overall profits for the year. With underlying insurance and reinsurance market conditions both improving across many of the lines of business that we write, we believe we are well positioned to deliver increasingly attractive returns to shareholders and remain on track to achieve our goal of underwriting profitability in 2020.”Third Point Re’s gross premiums written for the three months that ended on December 31 totalled $134.2 million, an improvement for about $14 million year-over-year. For the full year, gross written premiums were $631.8 million, down from $678.3 million in 2018.