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News comes as Polaris Holding Company reports a profit for the six months to September 30

Gross written premiums in the quarter were $1.11 billion, up 13.6 per cent on the 2023 third quarter figure of $982.7 million

Net income increased by $46.9 million

The company said it recorded a higher underwriting loss of $18.8 million in the quarter compared with the same period in 2023

The company said the increase is due to continued capital deployment in its Bermudian-based operating subsidiary, Hiscox Re and ILS and solid retail growth

Third quarter capital returned to shareholders was $147 million including share repurchases of $131 million

The company said it is also commencing a multi-pronged strategic partnership with Bermudian-based Enstar Group Ltd

News comes as the Bermudian-based insurer and reinsurer issues a trading statement for the nine months ended September 30

The company reported reinsurance revenue of $588.2 million, a 30.3 per cent increase over the first nine months of 2023

Bermudian-domiciled financial services holding company has seven operating companies

Operating income was $540.3 million, up from $426.3 million in the third quarter of 2023

The company’s subsidiaries include Palomar Specialty Reinsurance Company Bermuda Ltd