Bermuda-based Platinum Underwriters Holdings, Ltd. reported net income of $84.923 million, or $1.28 per diluted common share, for the quarter ended September 30, 2006, compared to a $176.024 million loss in the same period last year.
For the nine months ended September 30, Platinum posted net income of $243.707 million, compared to a $34.951 million loss in the same period of 2005. Total revenues rose to $477.651 million for the period, compared to $464.517 million in 2005.
“The results for the quarter include net premiums earned of $339.6 million, a decrease of 20.9 percent from the same quarter last year, net favorable development of $20.0 million, compared with net favorable development of $31.6 million from the same quarter last year, and net investment income of $48.3 million, an increase of 32.5 percent from the same quarter last year,” said the announcement.
CEO Michael D. Price commented: “Our strong underwriting performance in the third quarter benefited from the absence of severe catastrophes and favorable prior period development in our property reserves. Continued growth in investment income also contributed positively to our results. We believe market conditions are mixed with excellent opportunities in the U.S. for catastrophe-exposed business and declining profitability in other areas. Nevertheless, we believe there is meaningful opportunity to underwrite a profitable and diverse portfolio of treaty reinsurance, although narrower than in recent years.”
The report summarized Platinum’s results for the third quarter as follows:
— Net premiums written were $298.0 million and net premiums earned were $339.6 million.
— GAAP combined ratio was 84.4 percent.
— Net investment income, including interest on funds held, was $48.3 million.
The full report and additional information may be obtained in the Company’s Website at: http://www.platinumre.com.
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