Third Point Reinsurance Ltd. today announced results for its fiscal third quarter ended September 30, 2013. “Following our initial public offering in August 2013, we are off to a strong start as a public company thanks to improving underwriting results and excellent investment results,” commented John Berger, Chairman, Chief Executive Officer and Chief Underwriting Officer. “While reinsurance market conditions remain challenging, we expect further improvement in our underwriting results as our reinsurance operation continues to gain scale.”
Third Point Re reported net income during the third quarter of 2013 of $46.6 million, or $0.46 per diluted common share, compared with $39.6 million, or $0.45 per diluted common share, for the third quarter of 2012. For the nine months ended September 30, 2013, Third Point Re reported net income of $147.2 million, or $1.59 per diluted common share, compared with $38.7 million, or $0.44 per diluted common share, for the nine months ended September 30,2012.
Diluted book value per share was $12.35 as of September 30, 2013, an increase of $0.28, or 2.3%, for the third quarter and an increase of $1.46, or 13.4%, for the first nine months of 2013. The increase in diluted book value per share reflects earnings per share for the quarter partially offset by the costs associated with Third Point Re’s initial public offering (IPO), including underwriting and exchange listing, legal, accounting and related fees. These non-recurring costs were netted against the capital raised and were not expensed through the income statement.
