P&C treaty book halts growth at Montpelier Bermuda

Montpelier Bermuda’s gross written premiums shrank in the first quarter of 2015 as premium decreases across all business lines stymied growth at parent company Montpelier Re.

Montpelier Re’s profits fell to $52.1 million in the first quarter of 2015, compared with $89.9 million in the first quarter of 2014, while its gross written premiums (GWP) also decreased to $253.4 million in the quarter, compared with $273.5 million in the first quarter of 2014.

In Montpelier Bermuda, GWP fell to $152.6 million in the quarter, compared with $173.9 million in the first quarter of 2014.

This was driven by decreases across its business lines, with property catastrophe treaty falling to $107.4 million in the first quarter of 2015, compared with $120.9 million in the first quarter of 2014.

Montpelier Re’s Lloyd’s segment posted an increase in GWP to $77.5 million in the first quarter of 2015, compared with $74.1 million in the same period of the prior year.

This was driven by its property and speciality individual risk business line which increased to $53.9 million in the quarter, compared with $48.3 million in the prior year quarter.

Its combined ratio deteriorated to 69.2 percent in the first quarter of 2015, compared with 50.4 percent in the first quarter of 2014.