Strong Q2 revives Montpelier Re
Bermuda-based Montpelier Re has posted its second quarter results for the period ending 30th June.
Operating income, excluding net investment and foreign exchange gains and losses, income taxes and extraordinary gains, was $63 million, or $0.73 per share. Comprehensive income was $44 million, or $0.51 per share.
Fully converted book value per share on 30th June was $18.24, up 3.1% for the quarter and 15.7% for the last year.
Loss ratio was 20.5% compared to 38.9% for the second quarter of 2007.
Second quarter losses include a $15 million provision for weather related losses in the US, offset by $28m in subrogation collections and favourable releases from prior year reserves.
Combined ratio for the quarter improved on year to 57.7%, compared to 70% during the same period last year.
President and CEO, Chris Harris, said it was a ‘strong result’ despite the current difficulty in the investment market.
Although the results countered a difficult first quarter for the company, they weren’t strong enough to prevent first half results falling compared to 2007.
Net income for the first half of 2008 was $44.4 million, down 64% compared to the first half of 2007.
Combined ratio for the first half of 2008 was 75%, compared to 67.7% for the first half of 2007.
Category: Financials, Insurance News
Visited 1208 times, 2 so far today
Comments (0)
Trackback URL | Comments RSS Feed
There are no comments yet. Why not be the first to speak your mind.