Blue Capital posts solid results

Bermuda-based Blue Capital Re has posted a solid set of results for 2014. These are its first full year results.

The company’s profits hit $15.1 million in the year ended December 31, 2014, and $4.6 million in the fourth quarter of 2014. This is compared to a loss of $700,000 for the interim period from June 24, 2013 (the date of the company’s formation) to December 31, 2013.

Over the year, Blue Capital Re earned $45 million in reinsurance premiums written, with total revenues of $44.6 million. Its combined ratio hit 66.7 percent for the year, while it was 61.5 percent for the fourth quarter of 2014.

William Pollett, president and chief executive officer, said: “We are pleased to have successfully concluded our first full year of operations generating a total return for our shareholders, as measured by growth in book value per share plus dividends, of 8.7 percent. We declared $1.56 of dividends for the full year, representing a dividend yield of 7.8 percent on the original IPO price of $20. This return was achieved by generating a combined ratio of 66.7 percent, a solid result by any standards.”