Blue Capital Reinsurance Holdings has seen an increase in its profits for the third quarter of the year.
The Bermuda-based firm posted a profit of $4.4 million for the quarter, compared with $3.2 million in the third quarter of last year.
Blue Capital also saw its profits for the nine months ending September 30 2015 increase to $15.3 million, compared with $10.5 million for the same period in 2014.
Reinsurance premiums written for the current quarter and year-to-date periods were $5.9 million and $33.6 million, falling by $0.6 million and $5.4 million compared to the same periods in 2014, mainly as a result of premium reductions in the global catastrophe market.
The combined ratio for the third quarter was 50.8 percent compared with 73.1 percent in the third quarter of 2014. The improvement in the current quarter's combined ratio was driven by a lower loss and loss adjustment expense ratio partially offset by higher acquisition cost and general and administrative expense ratios.
"Over the course of the year and the current quarter we continued to generate very attractive results, which remain largely uncorrelated to larger financial market volatility,” said Adam Szakmary, president and chief executive officer.
“Blue Capital's strategy remains focused on providing investors diversified access to the preferred traditional property catastrophe market, without adding underlying asset macro correlation.”
Blue Capital Reinsurance Holdings, Adam Szakmary, Bermuda