Third Point Re Reports Second Quarter 2017 Earnings Results
Net Income of $74.6 million
Diluted Earnings per Common Share of $0.71
HAMILTON, Bermuda, August 2, 2017, Third Point Reinsurance Ltd. (“Third Point Re” or the “Company”) (NYSE:TPRE) today announced results for its
second quarter ended June 30, 2017.
Third Point Re reported net income of $74.6 million, or $0.71 per diluted common share, for the second quarter of 2017, compared to net income of $53.4 million, or $0.51 per diluted common share, for the second quarter of 2016. For the six months ended June 30, 2017, Third Point Re reported net income of $178.8 million, or $1.70 per diluted common share, compared to net income of $2.2 million, or $0.02 per diluted common share, for the six months ended June 30, 2016.
For the three months ended June 30, 2017, diluted book value per share increased by $0.70 per share, or 5.0%, to $14.74 per share as of June 30, 2017, from $14.04 per share as of March 31, 2017. For the six months ended June 30, 2017, diluted book value per share increased by $1.58 per share, or 12.0%, to $14.74 per share from $13.16 per share as of December 31, 2016.
“Our strong performance for 2017 continued through the second quarter with a return on beginning shareholders’ equity of 5.0%, bringing our six month return to 12.8%,” commented Rob Bredahl, President and Chief Executive Officer.  “Our investment manager, Third Point LLC continues to have a great year and has generated an investment return of 10.6% through six months and 11.7% through July 2017. Although difficult reinsurance market conditions persist, we have successfully generated stable, long-term float and our asset leverage is within our target range of 1.50 to 1.75.  This allows us to remain selective in our underwriting without diminishing our earnings potential.  We took advantage of attractive share price levels during the quarter and repurchased 1,767,281 shares at an average price of $12.44 per share and have $51.7 million remaining under our existing share repurchase plan.”
The following table shows certain key financial metrics for the three and six months ended June 30, 2017 and 2016:
 
Three months ended
 
Six months ended
 
June 30,
2017
 
June 30,
2016
 
June 30,
2017
 
June 30,
2016
 
($ in millions, except for per share data and ratios)
Gross premiums written
$
156.6

 
$
196.9

 
$
302.9

 
$
394.0

Net premiums earned
$
173.6

 
$
133.1

 
$
311.6

 
$
269.9

Net underwriting loss (1)
$
(12.1
)
 
$
(25.6
)
 
$
(20.8
)
 
$
(32.2
)
Combined ratio (1)
107.0
%
 
119.2
%
 
106.6
%
 
111.9
%
Net investment return on investments managed by Third Point LLC
4.5
%
 
4.0
%
 
10.6
%
 
1.9
%
Net investment income
$
107.3

 
$
86.3

 
$
235.8

 
$
46.2

Net investment income on float (2)
$
31.2

 
$
19.1

 
$
67.3

 
$
10.8

Net income
$
74.6

 
$
53.4

 
$
178.8

 
$
2.2

Diluted earnings per common share
$
0.71

 
$
0.51

 
$
1.70

 
$
0.02

Change in diluted book value per share (2)
5.0
%
 
4.1
%
 
12.0
%
 
0.2
%
Return on beginning shareholders’ equity (2)
5.0
%
 
4.0
%
 
12.8
%
 
0.2
%
Net investments managed by Third Point LLC (3)
$
2,385.5

 
$
2,191.6

 
$
2,385.5

 
$
2,191.6

Invested asset leverage (3)
1.53

 
1.55

 
1.53

 
1.55

(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 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 Wednesday, August 2, 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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