Blue Capital issues portfolio update
Szakmary quits Blue Capital Re
Blue Capital Reinsurance has reported that it made a profit of $4.1 million for the first three months of 2017, a slight fall on the $5 million it made in the same period of 2016.
Reinsurance premiums written for the first quarter totalled $17.0 million, a slight decline of $0.4 million from the $17.4 million it wrote for the same period of 2016. Blue Capital said that the decline was predominantly driven by a larger purchase of reinsurance protection which offset premiums written.
Reinsurance acquisition costs were $2.7 million in the current period compared to $2.2 million a year ago as the current quarter included profit commissions on quota share business while the year ago period reflected negative commission adjustments.
Underwriting decisions, operations and other management services are provided to Blue Capital by Blue Capital Management, a subsidiary of Endurance Specialty Holdings, which in turn is a wholly owned subsidiary of Sompo Holdings.
“I am pleased with the results we have generated in the first quarter, with excellent underwriting profitability, solid growth in book value per share inclusive of dividends and stable premium levels,” said Michael McGuire, chairman and CEO, who took over as CEO after the abrupt resignation of previous CEO Adam Szakmary.
“These strong results highlight the value of our disciplined underwriting, our high quality portfolio management and our important strategic alignment with Sompo Holdings, Inc. These core principles and the continuity of our underwriting and portfolio management teams position Blue Capital to continue its effective and disciplined deployment of capital in a challenging market.”
Blue Capital Reinsurance, First quarter 2017 results, Michael McGuire, Bermuda