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Blue Capital Reinsurance Holdings Ltd. (BCRH) SEC Filing 10-Q Quarterly report for the period ending Friday, June 30, 2017

Blue Capital Reinsurance Holdings Ltd.

CIK: 1582086 Ticker: BCRH


Exhibit 99.1
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Blue Capital Reinsurance Holdings Reports First Quarter 2017 Financial Results
 
HAMILTON, Bermuda - May 1, 2017 - Blue Capital Reinsurance Holdings Ltd. (NYSE:BCRH) ("Blue Capital"), a Bermuda holding company that, through its operating subsidiaries, offers collateralized reinsurance in the property catastrophe market and invests in various insurance-linked securities, today reported its financial results for the first quarter of 2017.
 
The Company’s net income and operating income was $4.1 million ($0.47 per share) for the three months ended March 31, 2017. The Company’s fully converted book value per common share was $20.49 at March 31, 2017, reflecting a 2.3% increase for the quarter and a 7.7% increase over the past twelve months, each inclusive of dividends declared in such periods.
 
Reinsurance premiums written for the current quarter were $17.0 million, modestly declining $(0.4) million or 2.6% compared to the same period in 2016. The current quarter's reinsurance premium decline was predominantly driven by a larger purchase of reinsurance protection which offset premiums written.
 
The combined ratio for the current quarter was 56.5% compared to 52.2% in the same period a year ago. The increase in the combined ratio was driven by higher loss and loss adjustment and reinsurance acquisition ratios partially offset by a lower general and administrative expense ratio. While loss and loss adjustment expenses of $1.8 million were generally consistent across both periods, the slightly lower earned premiums in the current quarter led to a modestly higher loss ratio. Reinsurance acquisition costs were $2.7 million in the current period compared to $2.2 million a year ago as the current quarter included profit commissions on quota share business while the year ago period reflected negative commission adjustments. General and administrative expenses for the current quarter were $1.3 million, or $0.2 million lower than a year ago due to lower performance fees based on reduced profitability.
 
During the first quarter of 2017, the Company declared a regular dividend of $0.30 per common share, which was paid on April 15, 2017 and a special dividend of $0.59 per common share which was paid on March 15, 2017.
 
Michael J. McGuire, Chairman and CEO, commented: "I am pleased with the results we have generated in the first quarter, with excellent underwriting profitability, solid growth in book value per share inclusive of dividends and stable premium levels.   These strong results highlight the value of our disciplined underwriting, our high quality portfolio management and our important strategic alignment with Sompo Holdings, Inc. These core principles and the continuity of our underwriting and portfolio management teams position Blue Capital to continue its effective and disciplined deployment of capital in a challenging market."

About Blue Capital
 
Blue Capital Reinsurance Holdings Ltd., through its operating subsidiaries, offers collateralized reinsurance in the property catastrophe market, leveraging underwriting expertise and infrastructure from established resources. Underwriting decisions, operations and other management services are provided to Blue Capital by Blue Capital Management Ltd., a subsidiary of Endurance Specialty Holdings Ltd. (a wholly owned subsidiary of Sompo Holdings, Inc.), a recognized global specialty provider of property and casualty insurance and reinsurance and a leading property catastrophe and short tail reinsurer since 2001. Additional information can be found in Blue Capital's public filings with the U.S. Securities and Exchange Commission or at www.bcapre.bm.
 
Contacts
Investor Relations
Phone: +1 441 278 0988
Email: investorrelations@Sompo-Intl.com






The following information was filed by Blue Capital Reinsurance Holdings Ltd. (BCRH) on Monday, May 1, 2017 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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Financial Statements, Disclosures and Schedules

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Document And Entity Information
Consolidated Balance Sheets
Consolidated Balance Sheets (parenthetical)
Unaudited Consolidated Statements Of Cash Flows
Unaudited Consolidated Statements Of Changes In Shareholders' Equity
Unaudited Consolidated Statements Of Income And Comprehensive Income
Basic And Diluted Earnings Per Common Share
Basic And Diluted Earnings Per Common Share (details)
Basic And Diluted Earnings Per Common Share (tables)
Basis Of Presentation And Summary Of Significant Accounting Policies
Basis Of Presentation And Summary Of Significant Accounting Policies (details)
Basis Of Presentation And Summary Of Significant Accounting Policies (policies)
Commitments And Contingent Liabilities
Commitments And Contingent Liabilities (details)
Commitments And Contingent Liabilities (policies)
Credit Facility
Credit Facility (details)
Derivative Instruments
Derivative Instruments (details)
Fair Value Of Financial Instruments
Fair Value Of Financial Instruments (details)
Fair Value Of Financial Instruments (policies)
Loss And Lae Reserve Movements
Loss And Lae Reserve Movements (details)
Loss And Lae Reserve Movements (policies)
Loss And Lae Reserve Movements (tables)
Related Party Transactions
Related Party Transactions (details)
Share-based Compensation
Share-based Compensation (details)
Written And Earned Reinsurance Premiums
Written And Earned Reinsurance Premiums (earned Premium) (details)
Written And Earned Reinsurance Premiums (tables)
Written And Earned Reinsurance Premiums (written Premium) (details)
Written And Earned Reinsurance Premiums Written And Earned Reinsurance Premiums (policies)

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Blue Capital Reinsurance Holdings Ltd. provided additional information to their SEC Filing as exhibits

Ticker: BCRH
CIK: 1582086
Form Type: 10-Q Quarterly Report
Accession Number: 0001582086-17-000031
Submitted to the SEC: Wed Aug 02 2017 2:21:05 PM EST
Accepted by the SEC: Wed Aug 02 2017
Period: Friday, June 30, 2017
Industry: Fire Marine And Casualty Insurance

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