Bowker replaces Smith as Enstar CFO
Enstar has reported that third quarter 2017 net income came to $39 million, a substantial decrease on the $156 million it made over the same period of 2016.
The third quarter result takes the company to a profit of $184 million for the first nine months of the year, again a decrease from the $242 million it made over the same period of 2016.
Net premiums earned over the third quarter of 2017 came to $148 million, a fall from the $205.7 million it made in the third quarter of 2016. Net premiums earned over the first nine months of 2017 totalled $452.5 million, again a fall from the $607 million it made over the first three quarters of 2016.
Enstar did see a slight increase in net investment income for the period, which went from $48 million in the third quarter of 2016 to $52 million in the same period of 2017.
In a statement the company said: “Our industry continues to experience challenging market conditions in underwriting and investing. We continue to see overcapacity in many markets for insurable risks, resulting in continued pressure on premium rates and terms and conditions. We seek to maintain a disciplined underwriting approach to underwrite for profitability in our active underwriting segments, StarStone and Atrium.
“For the nine months ended September 30, 2017 compared to 2016, total gross premiums written were relatively consistent in both our StarStone and Atrium segments as we selectively grew in certain lines, which included the development of additional underwriting capabilities. StarStone's net earned premium, net incurred losses and acquisition costs decreased significantly as a result of the 35 percent quota share reinsurance agreement with our equity method investee KaylaRe Holdings, which covers the 2016 and subsequent underwriting years.”
Enstar, Third quarter 2017 results, Insurance, Reinsurance, Bermuda