Third Point Reinsurance Ltd. (TPRE) Misses Q4 EPS by 57c

Third Point Reinsurance Ltd. (NYSE: TPRE) reported Q4 EPS of $1.43, $0.57 worse than the analyst estimate of $2.00.

"For the fourth quarter, we produced a return on equity of 9.4% driven by strong investment performance. Our diluted book value per share at the end of the quarter was $16.42. The combined ratio for the fourth quarter was 123.0%, which included $37.2 million, or 20.4 percentage points on the combined ratio related to prior year reserve development where we increased certain casualty reserves in response to our accumulated loss experience and the broader industry trends of social inflation. Our fourth quarter results also included $18.6 million attributable to catastrophe losses and the ongoing impacts of COVID-19, for a total impact of 10.2 percentage points on the combined ratio," commented Dan Malloy, Chief Executive Officer. "Our previously announced merger with Sirius Group is expected to close on February 26 and we are looking forward to welcoming our new colleagues."

Sid Sankaran, Chairman of the Company commented, "While we are not satisfied with the underwriting results in 2020, with the exceptional talent, global footprint and robust balance sheet of the combined company, we will have a strong base for building an innovative, disciplined and sustainable business. We are aiming to enhance our existing relationships and improve the economics of our key lines of business, while looking at ways that we can grow intelligently and leverage technology to improve how we manage risk, use data and develop new strategic opportunities."

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

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