Platinum Posts Quarterly Profit
NU Online News Service, Nov. 13, 3:36 p.m. EST?Platinum Underwriters Holdings, the reinsurance unit spun off by The St. Paul Companies last year, reported $37.8 million in net income for its third quarter, with a combined ratio of 85.4.
The company said net premiums written were $281.3 million and net premiums earned came in at $272.3 million during Platinum's first third quarter since its public offering in Oct. 2002.
For net premiums written, property and marine segment reported $77.1 million, while the casualty segment posted $135 million. The company's finite risk segment had $69.2 million in net premiums written.
Gregory Morrison, chief executive officer at Platinum, said his company is experiencing increased profitability in its 2002 property business and that the reinsurer continues to benefit from lower-than-expected catastrophe losses.
Mr. Morrison added that Platinum's mix of business continues to move toward casualty "as market dislocations create attractive opportunities for us to grow in this segment. I remain optimistic about the future."
Through its subsidiaries–Platinum Underwriters Reinsurance, Platinum Re U.K. and Platinum Underwriters Bermuda–Platinum Underwriters offers property and marine, casualty and finite risk reinsurance. The company is renewing all of St. Paul Re's existing contracts.
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