Third Point Re put the memory of 2018 behind it by posting improved results for the full year and Q4 2019. The reinsurer was comfortably back in the realms of profitability, and made progress in its goal of bringing down its combined ratio to healthier levels.
Third Point Re earned net profits of $200.6 million in 2019, having posted a loss of $317.7 million in 2018.
The turnaround was even more pronounced for Q4, with Third Point Re reporting a comfortable net profit of $29.7 million. In Q4 2018 it had made a loss of $298 million.
Gross written premiums were up to $631.8 million for the full year 2019, up from $578.3 million in 2018. In Q4 2019 gross written premiums were $134.2 million, up from 120.1 million in Q4 2018.
Third Point Re’s combined ratio fell to 103.2 percent for 2019, down from 106.8 percent the previous year. In Q4 the combined ratio was 104.8 percent, down from 111.6 percent in the same period of 2018.
Dan Malloy, chief executive officer at Third Point Re, said the group was pleased with the results for both Q4 and the full year.
He attributed 4.1 percentage points of its combined ratio to catastrophe events that occurred throughout the year. “Our combined ratio continues to improve as we execute on our shift in underwriting strategy,” he said.
“With underlying insurance and reinsurance market conditions both improving across many of the lines of business that we write, we believe we are well positioned to deliver increasingly attractive returns to shareholders and remain on track to achieve our goal of underwriting profitability in 2020,” Malloy added.
Third Point Re, Dan Malloy, Results