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.