Bermuda-based Montpelier Re Holdings Ltd. reported net income and comprehensive income of $159 million ($1.81 per share) and $163 million ($1.85 per share), respectively, for the quarter ended June 30, 2009, compared to $44.1 and $44.2 million respectively for the second quarter of 2008.
For the first six months of 2009 the company reported $211 million ($2.42 per share) and $214 million (or $2.45 per share), respectively. Realized and unrealized gains on investments and foreign exchange, which are included in net income, were $91 million for the current quarter and $89 million year-to-date. Operating income was $68 million ($0.76 per share) for the second quarter and $116 million ($1.31 per share) for the six months ended June 30, 2009.
The Company reported that its “fully converted book value per share was $18.12 at June 30, 2009, an increase of 11.1 percent for the quarter and 14.6 percent from December 31, 2008, inclusive of dividends. The Company did not repurchase any shares or debt during the 2009 second quarter.”
The combined ratio was 61.5 percent for the 2009 second quarter and 67.6 percent for the first six months of 2009. The second quarter 2009 loss ratio totaled 23.6 percent, which includes 12 points ($17 million) in favorable releases from prior years’ loss reserves.
President and CEO Chris Harris commented: “We produced an excellent quarterly result with a low loss ratio and solid investment results leading to 11.1 percent growth in our fully converted book value per share. Our strong capital position also enabled us to grow net written premiums by 19 percent.”
“Market conditions are healthy in most of our key lines, and we continue to pursue opportunities to further leverage our franchise as witnessed by the recent addition of a marine underwriting team to our Lloyd’s syndicate.”
The full report, additional information and access to the replay of the earnings conference call, held on July 29, may be obtained on the Company’s web site at – www.montpelierre.bm.
Source: Montpelier Re
Topics Profit Loss
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