Bermuda-based Platinum Underwriters Holdings, Ltd. reported results for the third quarter ended Sept. 30, 2003. Highlights for the quarter are as follows:
* Net income was $37.8 million.
* Basic and diluted net income per common share was $0.88 and $0.81,
* GAAP combined ratio was 85.4%.
For the quarter ended Sept. 30, 2003 net premiums written were $281.3 million and net premiums earned were $272.3 million.
Net premiums written for Platinum’s Property and Marine, Casualty and Finite Risk segments for the quarter ended Sept. 30, 2003 were $77.1 million, $135.0 million and $69.2 million, respectively, representing 27.4%, 48.0% and 24.6%, respectively, of our total net premiums written. Combined ratios for these segments were 72.1%, 99.3% and 80.8%, respectively.
As of Sept. 30, 2003 total assets were $2,435.6 million of which cash and fixed maturity investments were $1,756.7 million, an increase of $178.5 million and $135.3 million from their respective balances as of June 30, 2003. Net investment income was $14.8 million for the quarter ended Sept. 30, 2003.
Gregory Morrison, CEO, noted, “Our strong underwriting performance produced excellent results this quarter. We are experiencing increased profitability in our 2002 property business and we continue to benefit from lower than expected catastrophe losses. Overall, Platinum’s mix of business continues to shift towards casualty as market dislocations create attractive opportunities for us to grow in this segment. I remain optimistic about the future.”
Highlights for the nine months ended Sept. 30, 2003 are as follows:
* Net premiums written were $948.7 million and net premiums earned were
* GAAP combined ratio was 85.7%.
* Net income was $95.0 million.
* Basic and diluted net income per common share was $2.21 and $2.04,
* Book value per share increased by $2.45 from $21.42 as of December 31,
Based on nine months of actual results, the current industry environment, the mix of business underwritten and in the absence of any unusual catastrophe activity, Platinum now estimates for 2003 that it will have net premiums written of approximately $1.2 billion. Platinum expects that its combined ratio will be in the range of 85% to 90%. Platinum expects its combined portfolio of cash and fixed maturity investments to exceed $1.7 billion at year-end 2003. On this basis, Platinum now projects that 2003 earnings will exceed $2.60 per diluted common share based on an estimate of 49,000,000 diluted shares.
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