HAMILTON, Bermuda: Third Point Reinsurance Ltd. announced a net loss of $14.7 million, or $(0.14) per diluted common share, for the fourth quarter of 2014, compared with net income of $80.1 million, or $0.75 per diluted common share, for the fourth quarter of 2013, a decrease of 118.3%.
Net income was $50.4 million, or $0.47 per diluted common share for the year ended ended December 31, 2014, compared with $227.3 million, or $2.54 per diluted common share, for the year ended December 31, 2013, a decrease of 77.8%. For the three months ended December 31, 2014, diluted book value per share decreased by $0.13 per share, or 1.0%, to $13.55 per share from $13.68 per share as of September 30, 2014. For the year ended December 31, 2014, diluted book value per share increased by $0.43 per share, or 3.3%, to $13.55 per share from $13.12 per share as of December 31, 2013.
John Berger, Chairman and Chief Executive Officer, said, “The overall results for the quarter were disappointing due to challenging investment market conditions. While slightly higher than the returns of the broader hedge fund indices, the return on our investment portfolio managed by Third Point LLC was slightly negative for the quarter. We are making significant progress in developing our reinsurance business and believe we are well positioned to benefit from future investment portfolio gains. In the fourth quarter of 2014, gross premiums written increased by fifty percent, our combined ratio dropped to 100.2% and our float grew to $389.2 million.”
