Montpelier Re profits and growth fall in Q1
Montpelier Re posted a drop in profits and growth in the first quarter of 2015 as Montpelier Bermuda drove down growth.
Its profits fell to $52.1 million in the first quarter of 2015, compared with $89.9 million in the first quarter of 2014, while its gross written premiums (GWP) also decreased to $253.4 million in the quarter, compared with $273.5 million in the first quarter of 2014.
In Montpelier Bermuda, GWP fell to $152.6 million in the quarter, compared with $173.9 million in the first quarter of 2014.
This was driven by decreases across its business lines, with property catastrophe treaty falling to $107.4 million in the first quarter of 2015, compared with $120.9 million in the first quarter of 2014.
Montpelier Re’s Lloyd’s segment posted an increase in GWP to $77.5 million in the first quarter of 2015, compared with $74.1 million in the same period of the prior year.
This was driven by its property and speciality individual risk business line which increased to $53.9 million in the quarter, compared with $48.3 million in the prior year quarter.
Its combined ratio deteriorated to 69.2 percent in the first quarter of 2015, compared with 50.4 percent in the first quarter of 2014.
