Blue Capital assets decline by $55m as wind-down continues

Blue Capital Reinsurance Holdings reported net assets in liquidation declined $54.6 million in Q1, largely driven by the special distribution to shareholders of $52.8 million on March 30. 

Blue Capital Re also saw a $1.4 million increase in losses related to prior year periods and a $0.2 million negative adjustment to premiums and acquisition expenses.

Its fully converted book value per common share was $1.45 at March 31, a 2.6 percent decrease for the quarter, including dividend payments. 

Blue Capital previously offered collateralised reinsurance in the property catastrophe market through its operating subsidiaries and invested in various insurance-linked securities. It is currently winding down its operations.