Platinum Underwriters Q3 Profit Decreases - Quick Facts

(RTTNews) - Platinum Underwriters Holdings Ltd. (PTP) reported that its third-quarter net income decreased to $38.29 million or $1.32 per share, from $84.86 million or $2.54 per share, last year.

On average, six analysts polled by Thomson Reuters expected the company to report profit per share of $0.97 for the quarter. Analysts' estimates typically exclude special items.

The company noted that the results for the quarter include net premiums earned of $135.4 million, net favorable development of $41.2 million, net investment income of $17.8 million and net losses from German hailstorms of $15.7 million.

Total revenue declined to $154.17 million, from $183.98 million, prior year. Net premiums earned was $135.36 million, compared to $138.59 million, prior year. Analysts expected revenue of $155.33 million for the quarter.