Third Point Reinsurance Ltd. (TPRE) Tops Q1 EPS by 11c

Third Point Reinsurance Ltd. (NYSE: TPRE) reported Q1 EPS of ($1.99), $0.11 better than the analyst estimate of ($2.10).

"Our thoughts and sympathies are with those affected by the health, social, and economic impacts of the ongoing COVID-19 pandemic. Despite the overall loss in the quarter, our capital and liquidity positions remain strong and I would like to commend the efforts of our team, working remotely, who helped produce a combined ratio of 97.0% for the quarter. This improved underwriting result is a significant milestone in the ongoing transformation of the company to a specialty reinsurer," commented Dan Malloy, Chief Executive Officer. "Our diluted book value per share at the end of the quarter was $13.05, representing a 13.2% decrease from year end. The decrease was primarily due to a first quarter investment return of negative 7.3% reflecting the market volatility caused by COVID-19. The investment portfolio has already partially recovered some of this loss with a positive 3.5% investment return for April. With our strong capital position, we believe we are well positioned to continue our prudent underwriting and investment strategies."

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

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