Blue Capital reveals financial position for Q2 2020
Blue Capital Reinsurance, the Bermuda holding company that is winding down its operations, has reported its financial position for the second quarter of 2020.
The company, through its operating subsidiaries, previously offered collateralized reinsurance in the property-catastrophe market and invested in various insurance-linked securities.
Net assets in liquidation declined by $6.1 million in the current quarter largely driven by the special distribution to shareholders of $6.5 million that was declared on June 30, 2020 and will be paid on July 30, 2020.
Favourably impacting net assets in liquidation during the second quarter was a $0.2 million decrease in losses related to prior year periods and a $0.2 million positive adjustment to reinsurance premiums receivable.
The company’s fully converted book value per common share was $0.75 at June 30, 2020, reflecting a 2.8 percent increase for the quarter, inclusive of dividends declared in the period.
