Third Point Re reports loss for third quarter

Third Point Re reported a loss of $15.1 million for the third quarter of the year, slightly wider than the loss of $13.3 million for the same period in 2018.

For the three and nine months ended September 30, 2019, Third Point Re incurred net catastrophe losses of $12.7 million, net of reinstatement premiums and profit commission adjustments, related to Hurricane Dorian and Typhoon Faxai compared with no catastrophe losses in the prior year periods

The company’s combined ratio for the third quarter was 102.7 percent, of which 6.2 percentage points, or $12.7 million, was attributable to catastrophe events that occurred during the period. The ratio is slightly down on a year earlier, when it was 104.9 percent.

Gross premiums written rose to $95.4 million from $30.1 million, mainly due to one retroactive reinsurance contract written in the period.

“We are very pleased with the continued progress we are making in deploying underwriting capacity into higher margin lines of business. We remain on track to achieve our goal of underwriting profitability in 2020, subject to catastrophe events,” said Dan Malloy, chief executive.

“..Although our investments returned a small loss during the quarter, our year to date investment return of 10.2 percemt has contributed significantly to overall profits for the year. With both underlying and reinsurance market conditions improving across many of the lines of business that we write, we believe we are well positioned to deliver increasingly attractive returns to shareholders.”