Platinum Has Golden Q1 Results, Hires New Chief
NU Online News Service, May 14, 1:00 p.m. EDT?Platinum Underwriters Holdings, the reinsurance unit spun off by The St. Paul Companies last year, posted solid results for its first quarter of 2003 and announced the hiring of a new head.
In its first full-quarter report since its initial public offering last October, the Bermuda-based company reported a net profit of $30.6 million, or 71 cents per share. Net premiums written for the quarter were $360.1 million and net premiums earned were $238.1 million. Platinum's net investment income was $14.2 million for the first quarter ending March 31.
Net premiums written for Platinum's property, casualty and finite risk segments were $117.8 million, $113.7 million and $128.6 million, respectively.
"We are very pleased with Platinum's financial performance during its first full quarter of operations," said Steven H. Newman, chairman of the board, in a statement.
Mr. Newman noted that the company's underwriting results were driven by its property segment, which benefited from the absence of major catastrophes. He added that the company "achieved a modest underwriting profit" in its casualty segment.
Gregory Morrison, who will take over as the company's new president and chief executive officer in June, commented that Platinum Underwriters has accomplished "a great deal in its short history" and that the company has a leading position in several market segments.
Mr. Morrison's previous experience includes serving as president and chief executive officer at London Reinsurance Group Inc., a Canadian reinsurance company he founded in 1989. He is replacing Jerome Fadden, who will stay on as a consultant until later this year.
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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