January 30, 2013 at 5:54 p.m.
Platinum profit falls 14%
Platinum Underwriters this week announced a 14 per cent drop in profit for the third quarter of the year.
The Bermuda-based insurer reported net income of $93.7 million and dilute earnings per common share of $2.13 for the quarter ended September 30.
The results include net premiums earned of $183.4 million, net favourable development of $34.6 million and net investment income and net realized gains on investments of $75.4 million.
Michael D. Price, Platinum’s CEO said: “Our book value per common share grew by 7.6 per cent in the quarter to $55.13 as of September 30, 2010.
“These results reflect $28.5 million in estimated net losses from the New Zealand earthquake.”
Platinum’s income decreased $15.8 million — 14.4 per cent — compared with the quarter ended September 30, 2009.
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