Platinum Underwriters Holdings have reported net income of $109.5m, which is a record $2.10 per diluted common share, for the quarter ended September 30, compared with a loss of $47.9m, on net premiums earned of $229.5m, a decrease of 18.2%.
Michael D. Price, Platinum's ceo, commented "Our record net income per diluted common share reflects disciplined underwriting, lower than expected catastrophe activity, strong investment results on a total return basis and net favourable reserve development. We found relatively more attractive underwriting conditions for property and marine reinsurance this year and have accordingly shifted our mix of business toward this segment. While we did not repurchase any shares or debt this particular quarter, we intend to continue our practice of returning excess capital in a cost effective manner for the benefit of our shareholders."
The combined ratio improved from 122.6 to 72.3.
