Blue Capital Re profits hit $3.2m

Blue Capital Re, a Bermuda-based provider of collateralised reinsurance in the property-catastrophe market, saw a strong third quarter.

Its net income and operating income for the quarter hit $3.2 million. The company’s fully converted book value per common share was $20.09 at September 30, 2014, reflecting a 1.8 percent increase for the quarter and a 6 percent increase for the first nine months.

During the first nine months of 2014, the reinsurer earned $32.7 million of reinsurance premiums, representing approximately 72 percent of the expected total annual premium associated with its in-force reinsurance contracts at September 30, 2014.

William Pollett, president and chief executive officer, said: “We had another solid quarter in Q3. We have successfully deployed our available capital and are pleased with the diversified portfolio of risks that we have constructed.”