Hamilton, Bermuda's Montpelier Re Holdings reports a second-quarter net income loss of $23.2 million.
A year ago, during the same period, Montpelier Re turned in a profit of $65.5 million.
The short-tail reinsurer and specialty insurer says it booked a net loss of $77 million in realized and unrealized losses from investments and foreign exchange in the second quarter.
The company also says it absorbed $26 million in losses from catastrophes during the second quarter—offset by $48 million in reserve releases.
Despite the net income loss, CEO Christopher Harris says, “In a quarter marked by several industry catastrophe loss events and increasingly competitive market conditions, our insurance teams turned in another strong operating performance.”
Second-quarter underwriting income increased 24.6 percent to $43.1 million. The combined ratio for the same period was 69, compared to 76.5 a year ago.
For the first six months of the year, net income, compared to last year, is down about 58.3 percent to $73.4 million.
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