Bermuda-based Blue Capital Re, a provider of collateralised reinsurance in the property catastrophe market, has posted its first half year results.
Net income and operating income for the quarter hit £1.2 million. The company’s fully converted book value per common share was $20.02 at June 30, 2014, an increase of 06. percent for the quarter and a 4.1 percent increase for the first half.
Blue Capital Re bound indemnity reinsurance contracts with expected total annual premiums of $45.4 million and wrote $32.6 million in premium in the first half of 2014.
During the second quarter, the reinsurer earned $11.1 million of reinsurance premiums, representing approximately 25 percent of the expected total annual premium associated with its in-force reinsurance contracts at June 30, 2014.
“Loss and loss adjustment expenses for the quarter were $7.3 million, which included a provision for losses that are believed to have occurred but for which no claims have been reported. The losses recorded during the period resulted largely from severe tornadoes in the US, as well as Windstorm Ela in Western Europe,” said the reinsurer.
Combined ratio hit 89.2 percent for the second quarter of 2014, and 66.1 percent for the first half of 2014.
William Pollett, president and chief executive officer, said: “Our second quarter results were impacted by a series of smaller industry catastrophe events. However, our underwriting team executed well during the key June 1 renewal period, successfully deploying our available capital to construct a diversified portfolio of risks and expanding our client base.”
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Blue Capital Re, Second Quarter 2014 Results, Bermuda, William Pollett