Third Point Re Reports Fourth Quarter 2017 Earnings Results
Net income available to common shareholders of $44.3 million, or $0.42 per diluted common share,
for the fourth quarter, and $277.8 million, or $2.64 per diluted common share for the year
Return on beginning shareholders’ equity attributable to common shareholders of 2.8%,
for the fourth quarter, and 20.1%, for the year
HAMILTON, Bermuda, February 28, 2018, Third Point Reinsurance Ltd. (“Third Point Re” or the “Company”) (NYSE:TPRE) today announced results for its
fourth quarter ended December 31, 2017.
Third Point Re reported net income available to common shareholders of $44.3 million, or $0.42 per diluted common share, for the three months ended December 31, 2017, compared to a net loss of $46.7 million, or $(0.45) per diluted common share, for the three months ended December 31, 2016. For the year ended December 31, 2017, Third Point Re reported net income available to common shareholders of $277.8 million, or $2.64 per diluted common share, compared to $27.6 million, or $0.26 per diluted common share, for the year ended December 31, 2016.
For the three months ended December 31, 2017, diluted book value per share increased by $0.41 per share, or 2.7%, to $15.65 per share as of December 31, 2017, from $15.24 per share as of September 30, 2017. For the year ended December 31, 2017, diluted book value per share increased by $2.49 per share, or 18.9%, to $15.65 per share from $13.16 per share as of December 31, 2016.
“Third Point Re generated a market leading return for its shareholders in 2017.  Our return on equity was 2.8% in the fourth quarter bringing the full year to 20.1%, driven largely by strong investment performance,” commented Rob Bredahl, President and Chief Executive Officer.  “Despite high levels of natural catastrophes throughout 2017, we produced a combined ratio of 107.1% in the fourth quarter and 107.7% for the year.  We have been encouraged by recent improvements in reinsurance terms and conditions and underlying pricing and expect our underwriting results to improve over the next 12 to 24 months.  We remain confident that the improving underwriting environment and our proven investment strategy will continue to produce attractive returns for our shareholders over time.”
The following table shows certain key financial metrics for the three and twelve months ended December 31, 2017 and 2016:
 
Three months ended
 
Twelve months ended
 
December 31,
2017
 
December 31,
2016
 
December 31,
2017
 
December 31,
2016
 
($ in millions, except for per share data and ratios)
Gross premiums written
$
164.2

 
$
80.8

 
$
641.6

 
$
617.4

Net premiums earned
$
129.5

 
$
192.1

 
$
547.1

 
$
590.2

Net underwriting loss (1)
$
(9.2
)
 
$
(9.5
)
 
$
(42.6
)
 
$
(50.1
)
Combined ratio (1)
107.1
%
 
105.0
 %
 
107.7
%
 
108.5
%
Net investment return on investments managed by Third Point LLC
2.7
%
 
(1.7
)%
 
17.7
%
 
4.2
%
Net investment income (loss)
$
67.2

 
$
(35.8
)
 
$
392.0

 
$
98.8

Net investment income (loss) on float (2)
$
20.6

 
$
(15.9
)
 
$
114.4

 
$
16.9

Net income (loss) available to Third Point Re common shareholders
$
44.3

 
$
(46.7
)
 
$
277.8

 
$
27.6

Diluted earnings (loss) per share available to Third Point Re common shareholders
$
0.42

 
$
(0.45
)
 
$
2.64

 
$
0.26

Change in diluted book value per share (2)
2.7
%
 
(2.9
)%
 
18.9
%
 
2.4
%
Return on beginning shareholders’ equity attributable to Third Point Re common shareholders (2)
2.8
%
 
(3.2
)%
 
20.1
%
 
2.0
%
Net investments managed by Third Point LLC
$
2,589.9

 
$
2,191.6

 
$
2,589.9

 
$
2,191.6

Invested asset leverage
1.56

 
1.55

 
1.56

 
1.55

(1)
See the accompanying Segment Reporting for a calculation of net underwriting loss and combined ratio.
(2)
Net investment income (loss) on float, change in diluted book value per share and return on beginning shareholders’ equity attributable to Third Point Re common shareholders 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 attributable to Third Point Re common shareholders.




The following information was filed by Third Point Reinsurance Ltd. (TPRE) on Wednesday, February 28, 2018 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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