Torus drives down profits at Enstar

Insurer Torus has driven down profits at its parent company Enstar Group in the third quarter of 2014.

The company’s net earnings for the quarter were $26.4 million and $107.8 million for the nine months ended September 30, 2014, compared with $40 million for third quarter of 2013 and $71.1 million for the nine months ended September 30, 2013.

Its Torus segment saw a net loss of $12.3 million for the third quarter of 2014. Enstar said the loss was primarily driven by salaries and benefits and general and administrative expenses of $40.1 million and net foreign exchange losses of $3.2 million. This was partially offset by net underwriting result of $22.1 million and net investment income and net realised and unrealised losses of $0.3 million.

Enstar’s net premiums earned grew to $196 million in the third quarter of 2014, compared with $58.7 million in the third quarter of 2013.