Third Point Reinsurance Ltd. (TPRE) Tops Q4 EPS by 7c

Third Point Reinsurance Ltd. (NYSE: TPRE) reported Q4 EPS of ($0.45), $0.07 better than the analyst estimate of ($0.52).

Third Point Re reported a net loss of $46.7 million, or $(0.45) per diluted common share, for the fourth quarter of 2016, compared to net income of $42.2 million, or $0.39 per diluted common share, for the fourth quarter of 2015. For the year ended December 31, 2016, Third Point Re reported net income of $27.6 million, or $0.26 per diluted common share, compared with a net loss of $87.4 million, or $(0.84) per diluted common share, for the year ended December 31, 2015.

As of December 31, 2016, diluted book value per share decreased by $0.39 per share, or 2.9%, to $13.16 per share from $13.55 per share as of September 30, 2016 and increased by $0.31 per share, or 2.4%, to $13.16 per share from $12.85 per share as of December 31, 2015.

"During the fourth quarter, we generated gross premiums written of $80.8 million, bringing our full year gross premiums written to $617.4 million, which represented a decrease of 12.1% compared to the prior full year. In this challenging market, we believe that maintaining underwriting discipline is more important than premium growth. Our combined ratio for the quarter was 105.0%, which was in line with expectations given current market conditions and the lines of business on which we focus,"commented John Berger, Chairman and Chief Executive Officer. "Our investment return for the quarter was (1.7)% and we finished the year with a positive investment return of 4.2%. We are encouraged by a strong start to 2017 and remain confident in Third Point LLC's ability to generate attractive returns even in volatile markets."

The following table shows certain key financial metrics for the three and twelve months ended December 31, 2016 and 2015:

For earnings history and earnings-related data on Third Point Reinsurance Ltd. (TPRE) click here.

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