Third Point Re Reports First Quarter 2017 Earnings Results
Net Income of $104.2 million
Diluted Earnings per Common Share of $0.98
HAMILTON, Bermuda, May 4, 2017, Third Point Reinsurance Ltd. (“Third Point Re” or the “Company”) (NYSE:TPRE) today announced results for its
first quarter ended March 31, 2017.
Third Point Re reported net income of $104.2 million, or $0.98 per diluted common share, for the first quarter of 2017, compared to a net loss of $51.1 million, or $(0.49) per diluted common share, for the first quarter of 2016.
For the three months ended March 31, 2017, diluted book value per share increased by $0.88 per share, or 6.7%, to $14.04 per share as of March 31, 2017, from $13.16 per share as of December 31, 2016.
“We are very pleased with our first quarter performance, which resulted in a return on beginning shareholders’ equity of 7.4% for the quarter.  This was primarily driven by strong investment returns of 5.8% in the period,” commented Rob Bredahl, President and Chief Executive Officer.  “Reinsurance underwriting conditions remain challenging, and we have continued to maintain our underwriting discipline.  As a result, our gross premiums written were $146.4 million in the first quarter, which represented a 25.8% decrease compared to the prior year’s first quarter. Our combined ratio for the quarter was 106.3%, which was in line with expectations given current market conditions and the lines of business on which we focus. We finished the quarter with an asset leverage ratio of 1.52, which is within our target range and allows us to remain selective in our underwriting without diminishing our potential for solid book value growth with continued investment performance.”
“Our first quarter performance demonstrates the strength of our total return model.  Although reinsurance market conditions remain very difficult, we generated strong results due to solid performance from Third Point LLC, our investment manager.  The management transitions we announced during the quarter have gone smoothly and Rob and I look forward to continuing to work closely together with the team to ensure the ongoing success of Third Point Re,” commented John Berger, Chairman of the Board of Directors. 
The following table shows certain key financial metrics for the three months ended March 31, 2017 and 2016:
 
2017
 
2016
 
($ in millions, except for per share data and ratios)
Gross premiums written
$
146.4

 
$
197.2

Net premiums earned
$
138.0

 
$
136.8

Net underwriting loss (1)
$
(8.7
)
 
$
(6.6
)
Combined ratio (1)
106.3
%
 
104.9
 %
Net investment return on investments managed by Third Point LLC
5.8
%
 
(2.0
)%
Net investment income (loss)
$
128.5

 
$
(40.1
)
Net investment income (loss) on float (2)
$
36.1

 
$
(8.3
)
Net income (loss)
$
104.2

 
$
(51.1
)
Diluted earnings (loss) per common share
$
0.98

 
$
(0.49
)
Change in diluted book value per share (2)
6.7
%
 
(3.7
)%
Return on beginning shareholders’ equity (2)
7.4
%
 
(3.7
)%
Net investments managed by Third Point LLC (3)
$
2,279.6

 
$
2,191.6

(1)
See the accompanying Segment Reporting for a calculation of net underwriting loss and combined ratio.
(2)
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.
(3)
Prior year comparatives represent amounts as of December 31, 2016.



The following information was filed by Third Point Reinsurance Ltd. (TPRE) on Thursday, May 4, 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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