Platinum report record Q1 results

by David Masters

Story link: Platinum report record Q1 results

Bermuda-based Platinum Underwriters Holdings Ltd. has reported record results for the first quarter of 2008, with profits up 44% on year to US$105.2 million.

This equates to $1.76 per diluted common share, 45% higher than analysts’ predictions of $1.21.

Total net premiums were $301.9 million, up 6% on year.

The company,which provides worldwide property, casualty and finite risk reinsurance coverages, has attributed the results to premiums being higher than forecast, which included one especially large contract, and to better underwriting profit.

This was compounded by catastrophe activity being lower than anticipated.

Platinum’s CEO Michael Price praised the company for its results and said that it will continue to focus on profitability rather than market share when seeking reinsurance opportunities.