Third Point Re Reports Fourth Quarter 2016 Earnings Results
HAMILTON, Bermuda, February 23, 2017, Third Point Reinsurance Ltd. (“Third Point Re” or the “Company”) (NYSE:TPRE) today announced results for its
fourth quarter ended December 31, 2016.
Third Point Re reported a net loss of $46.7 million, or $(0.45) per diluted common share, for the fourth quarter of 2016, compared to net income of $42.2 million, or $0.39 per diluted common share, for the fourth quarter of 2015. For the year ended December 31, 2016, Third Point Re reported net income of $27.6 million, or $0.26 per diluted common share, compared with a net loss of $87.4 million, or $(0.84) per diluted common share, for the year ended December 31, 2015.
As of December 31, 2016, diluted book value per share decreased by $0.39 per share, or 2.9%, to $13.16 per share from $13.55 per share as of September 30, 2016 and increased by $0.31 per share, or 2.4%, to $13.16 per share from $12.85 per share as of December 31, 2015.
“During the fourth quarter, we generated gross premiums written of $80.8 million, bringing our full year gross premiums written to $617.4 million, which represented a decrease of 12.1% compared to the prior full year. In this challenging market, we believe that maintaining underwriting discipline is more important than premium growth. Our combined ratio for the quarter was 105.0%, which was in line with expectations given current market conditions and the lines of business on which we focus,” commented John Berger, Chairman and Chief Executive Officer. “Our investment return for the quarter was (1.7)% and we finished the year with a positive investment return of 4.2%.  We are encouraged by a strong start to 2017 and remain confident in Third Point LLC’s ability to generate attractive returns even in volatile markets.”
The following table shows certain key financial metrics for the three and twelve months ended December 31, 2016 and 2015:
 
Three months ended
 
Twelve months ended
 
December 31,
2016
 
December 31,
2015
 
December 31,
2016
 
December 31,
2015
 
($ in millions, except for per share data and ratios)
Gross premiums written
$
80.8

 
$
99.2

 
$
617.4

 
$
702.4

Net premiums earned
$
192.1

 
$
134.4

 
$
590.2

 
$
602.8

Net underwriting loss (1) (2)
$
(9.5
)
 
$
(9.2
)
 
$
(50.1
)
 
$
(28.3
)
Combined ratio (1) (2)
105.0
 %
 
106.9
%
 
108.5
%
 
104.7
 %
Net investment return on investments managed by Third Point LLC
(1.7
)%
 
2.8
%
 
4.2
%
 
(1.6
)%
Net investment income (loss)
$
(35.8
)
 
$
61.6

 
$
98.8

 
$
(28.1
)
Net investment income (loss) on float (3)
$
(15.9
)
 
$
12.8

 
$
16.9

 
$
(10.8
)
Net income (loss)
$
(46.7
)
 
$
42.2

 
$
27.6

 
$
(87.4
)
Diluted earnings (loss) per common share
$
(0.45
)
 
$
0.39

 
$
0.26

 
$
(0.84
)
Change in diluted book value per share (3)
(2.9
)%
 
3.2
%
 
2.4
%
 
(5.2
)%
Return on beginning shareholders’ equity (3)
(3.2
)%
 
3.2
%
 
2.0
%
 
(6.0
)%
Net investments managed by Third Point LLC
$
2,191.6

 
$
2,062.8

 
$
2,191.6

 
$
2,062.8

(1)
Property and Casualty Reinsurance segment only.
(2)
See the accompanying Segment Reporting for a calculation of net underwriting loss and combined ratio.
(3)
Net investment income on float, change in diluted book value per share and return on beginning shareholders’ equity are non-GAAP financial measures. There are no comparable GAAP measures. See the accompanying Reconciliation of Non-GAAP Measures and Key Performance Indicators for an explanation and calculation of net investment income (loss) on float, diluted book value per share and return on beginning shareholders’ equity.




The following information was filed by Third Point Reinsurance Ltd. (TPRE) on Thursday, February 23, 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-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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