Third Point Reinsurance Q3 Profit Climbs - Quick Facts

(RTTNews) - Bermuda based Third Point Reinsurance Ltd. (TPRE), Tuesday posted a higher third-quarter net income, as premiums earned considerably increased from last year.

Net income for the third-quarter was $46.6 million or $0.46 per share, compared with $39.6 million or $0.45 per share last year. Diluted book value per share was $12.35 as of September 30, a 2.3 percent increase, reflecting earnings per share for the quarter partially offset by the costs associated with the company's initial public offering, including underwriting and exchange listing, legal, accounting and related fees.

On average, seven analysts polled by Thomson Reuters expected the company to report earnings per share of $0.43 for the quarter. Analysts' estimates typically exclude one-time items.

Total revenues were $119.7 million, up from prior year's $82 million. Analysts expected the company to generate revenues of $89.08 million. Net premiums earned were $66.3 million, compared with $34.3 million a year before. Net investment income was $53.3 million, compared with $47.6 million a year ago.

Looking forward, the company said: "While reinsurance market conditions remain challenging, we expect further improvement in our underwriting results as our reinsurance operation continues to gain scale."