Third Point Reinsurance Ltd. (TPRE) Reports In-Line Q1 EPS; Names Daniel Malloy as New CEO Following Resignation of J. Robert Bredahl

Third Point Reinsurance Ltd. (NYSE: TPRE) reported Q1 EPS of $1.43, in-line with the analyst estimate of $1.43. Revenue for the quarter came in at $308 million versus the consensus estimate of $337.8 million.

"We are pleased with our first quarter performance, which resulted in a return on beginning shareholders' equity of 11% for the period driven by strong investment returns. We generated net income of $132.9 million in the quarter which was a record quarter for Third Point Re," Mr. Malloy said. "Consistent with our ongoing plans to increase our focus on higher margin business, we wrote a modestly sized property cat portfolio at 1/1 and announced the hiring of a specialty lines underwriting team. Both of these efforts to expand our underwriting platform have gone better than expected and were critical steps in reshaping our underwriting portfolio in order to achieve underwriting profitability. Our combined ratio for the quarter was 103.8% and we expect this to improve over time as we execute on our underwriting plan."

CEO Transition

The Board also announced today that Daniel Malloy, currently CEO of the Company's main operating subsidiary, will be appointed as CEO of Third Point Reinsurance Ltd., effective May 10, 2019. Malloy will succeed J. Robert Bredahl, whose resignation has been accepted by the Board.

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

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