Third Point Re Reports First Quarter 2018 Earnings Results
Gross Premiums Written of $378.4 million and Combined Ratio of 104.5% for first quarter of 2018
HAMILTON, Bermuda, May 9, 2018, Third Point Reinsurance Ltd. (“Third Point Re” or the “Company”) (NYSE:TPRE) today announced results for its
first quarter ended March 31, 2018.
Third Point Re reported a net loss available to common shareholders of $26.0 million, or $(0.26) per diluted common share, for the three months ended March 31, 2018, compared to net income of $104.2 million, or $0.98 per diluted common share, for the three months ended March 31, 2017.
For the three months ended March 31, 2018, diluted book value per share decreased by $0.26 per share, or 1.7%, to $15.39 per share as of March 31, 2018, from $15.65 per share as of December 31, 2017.
“During the first quarter, we generated premiums written of $378 million, an increase of 159% compared to the prior year’s quarter.  Our combined ratio for the quarter was 104.5%, compared to 106.3% in the prior year’s first quarter,” commented Rob Bredahl, President and Chief Executive Officer.  “We experienced significant premium growth in the first quarter compared to the prior year, driven by new business and the timing of certain renewals. We were pleased with the business written during the quarter, which was generally at improved terms and underlying pricing. We expect this to contribute to an improvement in our underwriting results as this premium is earned.  Our investment returns and overall return on equity reflected a modest loss for the quarter, however, we remain confident that the improvements in our underwriting results as well as Third Point LLC’s proven track record will generate attractive returns to our shareholders over time.”
The following table shows certain key financial metrics for the three months ended March 31, 2018 and 2017:
 
2018
 
2017
 
($ in millions, except for per share data and ratios)
Gross premiums written
$
378.4

 
$
146.4

Net premiums earned
$
142.5

 
$
138.0

Net underwriting loss (1)
$
(6.4
)
 
$
(8.7
)
Combined ratio (1)
104.5
 %
 
106.3
%
Net investment return on investments managed by Third Point LLC
(0.2
)%
 
5.8
%
Net investment income (loss)
$
(2.2
)
 
$
128.5

Net investment income on float (2)
$
2.6

 
$
36.1

Net income (loss) available to Third Point Re common shareholders
$
(26.0
)
 
$
104.2

Diluted earnings (loss) per common share
$
(0.26
)
 
$
0.98

Change in diluted book value per share (2)
(1.7
)%
 
6.7
%
Return on beginning shareholders’ equity attributable to Third Point Re common shareholders (2)
(1.6
)%
 
7.4
%
Net investments managed by Third Point LLC (3)
$
2,532.8

 
$
2,589.9

Invested asset leverage (3)
1.58

 
1.56

(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 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 on float, diluted book value per share and return on beginning shareholders’ equity attributable to Third Point Re common shareholders.
(3)
Prior year comparatives represent amounts as of December 31, 2017.
Property and Casualty Reinsurance Segment
Gross premiums written increased by $232.0 million, or 158.5%, to $378.4 million for the three months ended March 31, 2018 from $146.4 million for the three months ended March 31, 2017.
The increase in gross premiums written for the three months ended March 31, 2018 compared to the three months ended March 31, 2017 was primarily due to new contracts, including one large multi-line quota share contract for $91.6 million and a net increase of $125.3 million for contracts renewed in the current year period with no comparable premium in the prior year period.
The increase in net premiums earned for the three months ended March 31, 2018 compared to the three months ended March 31, 2017 was primarily due to a higher in-force underwriting portfolio.



The following information was filed by Third Point Reinsurance Ltd. (TPRE) on Wednesday, May 9, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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