Third Point Reinsurance Ltd. (TPRE) Tops Q3 EPS by 9c, Revenues Miss

Third Point Reinsurance Ltd. (NYSE: TPRE) reported Q3 EPS of ($0.14), $0.09 better than the analyst estimate of ($0.23). Revenue for the quarter came in at $124.4 million versus the consensus estimate of $178.7 million.

"Recent investment performance has been disappointing, including a small net investment loss for the third quarter. However, we remain on target to reduce our combined ratio by gradually shifting our reinsurance portfolio towards higher margin business. Our combined ratio for the third quarter was 104.9%, compared to 111.9% in the prior year's third quarter, and was 104.3% year to date compared to 108.0% in last year's first nine months," commented Rob Bredahl, President and Chief Executive Officer. "As part of our plan to reduce our combined ratio, we expect to begin writing a modest amount of property cat excess of loss beginning next year. To date, we have not written this class of business. Consequently, our exposure to third quarter cat events was insignificant and we estimate that our exposure to Hurricane Michael and other recent fourth quarter cat events will be less than $4 million."

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

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