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Profits more than doubled at Endurance Specialty subsidiary Blue Capital Reinsurance Holdings in the second quarter. Its income for the period reached $4.6 million, more than twice the $2 million it posted for the same period of 2016.
The quarter’s results take the company to a half year 2017 profit of $8.7 million, an increase on the $6.9 million it made in the first six months of 2016.
Blue Capital Re’s reinsurance premiums written over the second quarter of 2017 came to $12.1 million, an increase on the $9.3 million written over the same period of 2016. Total reinsurance premiums written over the first half of 2017 came to $29.1 million, up a little on the $26.7 million written over the first half of 2016.
The company also reported that its combined ratio for the second quarter came to 56.1 percent, down on the 82 percent it recorded in the second quarter of 2016 when its results were impacted by losses related to the Fort McMurray wildfires in Canada, the convective storms in Texas and Europe and the Kumamoto earthquake in Japan.
Its half year combined ratio came to 56.3 percent for the first half of 2017, again a fall on the 67.8 percent it reported in the first half of 2016.
“I am pleased with the strong results we have generated in the first six months of 2017 as evidenced by our excellent underwriting profitability and expanding premium base which led to solid growth in book value per share inclusive of dividends,” said Michael McGuire, chairman and CEO.
“While market conditions remain competitive, our established long term relationships, our high quality underwriting and portfolio management teams and our strategic alignment with Sompo International have allowed us to maintain an attractive portfolio for our shareholders.”
Endurance Specialty, Blue Capital Reinsurance Holdings, Second quarter 2017 results, Bermuda