Third Point Re has reported a net loss of $195.7 million for the third quarter of 2015, compared with a net loss of $6.0 million for the third quarter of 2014.
The Bermuda-based reinsurer also reported a net loss of $129.6 million for the nine months ended September 30, 2015, compared with net income of $65.1 million, for the nine months ended September 30, 2014.
The company did see its gross written premiums (GWP) increase by 62.6 percent for the third quarter of the year however to $205.6 million, compared with $126.4 million in the same time period last year. GWP for the first nine months of the year was $603.3 million, compared with $359.5 million in 9M 2014.
Combined ratio was up to 102.8 percent this quarter, compared with 101.7 percent in the third quarter last year. The figure was also up in the first nine months of the year to 104.1 percent, compared with 103.6 percent in the first nine months of last year.
"During the third quarter, we were adversely affected by difficult market conditions that resulted in a net investment loss of $193.2 million in the quarter, representing an (8.7) percent return in the quarter and a (4.3) percent return for the year to date period,” said John Berger, chairman and chief executive officer.
“In the third quarter, we generated premiums written of $205.6 million, an increase of 62.6 percent, bringing our gross premiums for the year to date period to $603.3 million. We completed a $91.6 million adverse development cover in the quarter which was the main driver of the premium increase as well as the largest contributor to growth in investment float which totalled $601.5 million as of September 30, 2015.
“Our underwriting results for the period were as expected, and we believe we are well positioned to take advantage of improvements in investment performance in future periods."
Third Point Re, Third Quarter 2015 Results, Bermuda