Montpelier Re Reports A First-Quarter Drop
NU Online News Service, April 28, 3:19 p.m. EDT?Montpelier Re Holdings reported a high frequency of large property losses drove first-quarter net income down by $34.5 million to $74.5 million.[@@]
The Bermuda-based reinsurer also saw its net premiums written fall for the quarter, declining to $279.4 million from $297.3 million one year ago. Net investment income rose slightly to $21.4 million from $15.3 million.
The reinsurer suffered significantly higher loss and loss-adjustment expenses of $79.5 million for the quarter, increasing from $46.2 million. The quarterly combined ratio was a profitable 73.2, but a deterioration from 50.1 one year ago.
Anthony Taylor, chief executive officer of Montpelier Re, observed that while property catastrophe losses were reasonably light, "the market experienced a high frequency of large property risk excess events."
"Losses from the storms in the third quarter of 2004 continued to develop, notably in the case of the Japanese typhoons. Given the increased level of market loss activity, we are pleased to have generated a combined ratio of 73 percent."
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