Bermuda-based Enstar Group endured a tough third quarter as its subsidiary Torus Insurance posted a loss but its profits for the first nine months of the year overall were strong.
The company’s net earnings for the quarter were $26.4 million and $107.8 million for the nine months ended September 30, 2014, compared with $40 million for third quarter of 2013 and $71.1 million for the nine months ended September 30, 2013.
Its Torus segment saw a net loss of $12.3 million for the third quarter of 2014. Enstar said the loss was primarily driven by salaries and benefits and general and administrative expenses of $40.1 million and net foreign exchange losses of $3.2 million. This was partially offset by net underwriting result of $22.1 million and net investment income and net realised and unrealised losses of $0.3 million.
Enstar’s net premiums earned grew to $196 million in the third quarter of 2014, compared with $58.7 million in the third quarter of 2013.