Bermuda-based Montpelier Re posted operating profits of $36 million for the second quarter of 2014, down from $49.6 million in the same period of 2013.
The reinsurer’s combined ratio also took a hit as it deteriorated to 76.7 percent, compared with 69 percent in the second quarter of 2013.
Its gross written premiums (GWP) decreased slightly to $239 million in the quarter, from $242.7 in the same period of the prior year. Its net premiums written increased to $204.9 million, from $197.8 million in the second quarter of 2013.
Christopher Harris, president and chief executive officer, said: “Despite a high frequency of smaller industry loss events, we produced solid underwriting profitability with a 77 percent combined ratio, reflecting strong contributions from our growing Montpelier at Lloyd’s and Collateralized Re segments, as well as the benefit of prior period development.
“We believe our nimble underwriting approach, flexible capital base, and excellent client relationships continue to position us well in the current environment.”
Montpelier Re, Bermuda, Second Quarter 2014 Results, Christopher Harris