Platinum Reports $26.6M In Profit
NU Online News Service, Aug. 13, 3:00 p.m. EDT?Platinum Underwriters Holdings, the reinsurance unit spun off by The St. Paul Companies last year, posted solid results for its 2003 second quarter, which it attributed to strong underwriting results, especially in its finite risk segment.
In its first second-quarter report since its public offering last October, the Bermuda-based company reported a net profit of $26.6 million. Net premiums written for the quarter were $307.2 million, while net premiums earned came in at $279.4 million. The company also posted a combined ratio of 84.7 percent for its second quarter. Platinum said it now estimates net premiums written of some $1.2 billion for the year 2003 overall.
Commenting on the company's latest financial results, Steven Newman, chairman of the board at Platinum, said in a statement, "Each of our segments contributed meaningfully to our underwriting results this quarter, particularly our finite risk segment. The overall performance of Platinum's diversified underwriting portfolio was excellent."
Through its subsidiaries?Platinum Underwriters Reinsurance, Platinum Re U.K. and Platinum Underwriters Bermuda?Platinum Underwriters offers property & marine, casualty and finite-risk reinsurance. The company is renewing all of St. Paul Re's existing contracts. St. Paul, based in St. Paul, Minn., owns about 30 percent of the company.
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