Montpelier Re has said that its Lloyd's and collateralised segments were behind premium growth in the first quarter.
Christopher Harris, president and CEO, says, “We had an excellent first quarter with underwriting, investments and capital management all contributing to book value per common share growth of 5.8 percent for the period. Each of our platforms delivered strong profitability as we continue to focus on executing our specialist underwriting approach.”
Montpelier Re's combined ratio was 50 percent for the quarter, highlighting strong underwriting results. Net premiums written in the first quarter were up 5 percent in comparison to a year ago, primarily as a result of increased writings within Montpelier at Lloyd’s and its collateralized reinsurance segment.
Fully converted book value per common share increased 5.8 percent for the quarter, to $31.0, while operating income for the quarter reached $72 million. Net income was $90 million, including $23 million of realized and unrealized investment gains and $5 million of net foreign exchange losses.
Net investment income was $13 million for the quarter and the total return on the investment portfolio was 1.1 percent.
Montpelier, Q1, results