Third Point Reinsurance Ltd. (TPRE) SEC Filing 10-Q Quarterly report for the period ending Saturday, September 30, 2017

Earnings Press Release
10-Q Quarterly Report
10-Q QoQ Changes
Third Point Reinsurance Ltd.
Ticker: TPRE CIK: 1576018

Third Point Re Reports Third Quarter 2017 Earnings Results

Net income available to Third Point Re common shareholders of $54.7 million, or $0.52 per diluted common share

HAMILTON, Bermuda, November 8, 2017, Third Point Reinsurance Ltd. (“Third Point Re” or the “Company”) (NYSE:TPRE) today announced results for its

third quarter ended September 30, 2017.

Third Point Re reported net income available to common shareholders of $54.7 million, or $0.52 per diluted common share, for the three months ended September 30, 2017, compared to $72.1 million, or $0.68 per diluted common share, for the three months ended September 30, 2016. For the nine months ended September 30, 2017, Third Point Re reported net income available to common shareholders of $233.4 million, or $2.22 per diluted common share, compared to $74.3 million, or $0.70 per diluted common share, for the nine months ended September 30, 2016.

For the three months ended September 30, 2017, diluted book value per share increased by $0.50 per share, or 3.4%, to $15.24 per share as of September 30, 2017, from $14.74 per share as of June 30, 2017. For the nine months ended September 30, 2017, diluted book value per share increased by $2.08 per share, or 15.8%, to $15.24 per share from $13.16 per share as of December 31, 2016.

“Our strong performance for 2017 continued through the third quarter with a return on beginning shareholders’ equity of 3.5%, bringing our nine month return to 16.8%,” 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 14.6% through the first nine months of the year and 17.6% through October 2017. We reported a combined ratio of 111.9% for the quarter ended September 30, 2017, which included $5.3 million, or 5.0 percentage points on our combined ratio, related to third quarter catastrophes. The small net loss from these events was within expectations given our limited exposure and reflects our decision to avoid highly volatile forms of reinsurance such as catastrophe excess of loss treaties.”

The following table shows certain key financial metrics for the three and nine months ended September 30, 2017 and 2016:



	Three months ended						Nine months ended
	September 30, 2017			September 30, 2016			September 30, 2017			September 30, 2016
	($ in millions, except for per share data and ratios)
Gross premiums written	$	174.5		$	142.6		$	477.5		$	536.6
Net premiums earned	$	106.0		$	128.2		$	417.5		$	398.1
Net underwriting loss (1)	$	(12.6	)	$	(8.3	)	$	(33.3	)	$	(40.5	)
Combined ratio (1)	111.9		%	106.5		%	108.0		%	110.2		%
Net investment return on investments managed by Third Point LLC	3.6		%	4.0		%	14.6		%	6.0		%
Net investment income	$	89.0		$	88.4		$	324.8		$	134.6
Net investment income on float (2)	$	26.5		$	22.0		$	93.9		$	32.9
Net income available to Third Point Re common shareholders	$	54.7		$	72.1		$	233.4		$	74.3
Diluted earnings per share available to Third Point Re common shareholders	$	0.52		$	0.68		$	2.22		$	0.70
Change in diluted book value per share (2)	3.4		%	5.2		%	15.8		%	5.4		%
Return on beginning shareholders’ equity (2)	3.5		%	5.2		%	16.8		%	5.4		%
Net investments managed by Third Point LLC (3)	$	2,525.0		$	2,191.6		$	2,525.0		$	2,191.6
Invested asset leverage (3)	1.57			1.55			1.57			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, November 8, 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.

View differences made from one quarter to another to evaluate Third Point Reinsurance Ltd.'s financial trajectory

Compare SEC Filings Year-over-Year (YoY) and Quarter-over-Quarter (QoQ) — *Sample 10-K Year-over-Year (YoY) Comparison*

Compare this 10-Q Quarterly Report to its predecessor by reading our highlights to see what text and tables were ~~removed~~ , added and changed by Third Point Reinsurance Ltd..

Continue

Please wait while we load the requested 10-Q report or click the link below:

https://last10k.com/sec-filings/report/1576018/000157601817000080/tpre-20170930x10q.htm