Third Point Re announces Q2 profits up, as Malloy affirmed as CEO
Third Point Reinsurance has announced its second quarter results and has also affirmed Daniel Malloy as CEO.
In addition Malloy and Sid Sankaran, former chief financial officer of AIG, have been added to the company’s Board of Directors.
Third Point Re reported net income available to common shareholders of $53.1 million for the three months ended June 30, 2019, compared to net income available to common shareholders of $19.6 million, for the three months ended June 30, 2018. For the six months ended June 30, 2019, Third Point Re reported net income available to common shareholders of $186.0 million, up on the net loss of $6.4 million it reported for the same period of 2018.
Gross written premiums (GWP) for the quarter came to $82.6 million, up on the $49.8 the company reported for the same period of 2018. However, the GWP total for the first half of 2018 came to $402.2 million, down from the $428.1 million it reported for the first six months of 2018.
"I am pleased with our second quarter results as we improved our combined ratio to 101.1 percent and Third Point LLC delivered another solid quarterly investment return of 2.9 percent, bringing our year-to-date return to 10.3 percent. We delivered a return on equity of 4.0 percent for the quarter and 15.4 percent for the first half of the year," commented Dan Malloy, CEO.
"I would like to highlight that our 101.1 percent combined ratio for the quarter means we are on track to achieve our goal of delivering underwriting profitability, subject to catastrophe events, by year end. This will be an important milestone for the company and a validation of our strategy to deliver value from both sides of our balance sheet.
"We have continued to build out our underwriting team over the past year, where we have successfully recruited talented underwriters, to allow us to expand our portfolio into new profitable lines of business including property catastrophe and specialty. We are encouraged with our progress to date with the build out of our team and portfolio positioning going better than expected."
