Bermuda-based run-off specialist Enstar reported a fall in net earnings in the second quarter of 2015.
Its net earnings fell to $14.5 million in the second quarter of 2015, compared with $51.8 million in the second quarter of 2014.
The fall in earnings was driven by a $35.2 million reduction in net realised and unrealised gains to a loss $4.3 million.
“The reduction was primarily attributable to a decrease in realised and unrealised gains on fixed maturity investments due to increases in US investment yields during 2015 as compared to tightening yields for the same period in 2014,” said Enstar.
Enstar’s comprehensive income sank to $23.1 million in the quarter, compared with $56.1 billion in the same quarter of the prior year.
Its gross written premiums (GWP) jumped to $14.8 million in the quarter, compared with $6.7 million in the prior year quarter.
Torus reported an increase in GWP to $241.1 million in the second quarter of 2015, compared with $170.6 million in the second quarter of 2014. This was driven by an increase in property, construction, workers’ compensation and healthcare business lines but partially offset by lower non-US management and professional liability premiums written.
Enstar, Second Quarter 2015 Results, Bermuda
