Help

BI’s Article search uses Boolean search capabilities. If you are not familiar with these principles, here are some quick tips.

To search specifically for more than one word, put the search term in quotation marks. For example, “workers compensation”. This will limit your search to that combination of words.

To search for a combination of terms, use quotations and the & symbol. For example, “hurricane” & “loss”.

Login Register Subscribe

Platinum Underwriters first-quarter net income down 26.4% from 2012

Reprints

Platinum Underwriters Holdings Ltd. had first-quarter net income of $63.7 million, down 26.4% from the same period a year earlier, the Hamilton, Bermuda-based reinsurer reported.

First-quarter net written premiums were $135.8 million, up 0.7% from the same period in 2012. The first-quarter combined ratio was 53.0% compared with 45.4% in the prior-year period.

“Our results reflect favorable prior-period development, the absence of major catastrophe activity, strong investment results on a total return basis and active capital management,” said Platinum CEO Michael D. Price in a statement Wednesday.

“Absent major events in the insurance or capital markets, we expect continued downward pressure on overall reinsurance rate adequacy,” he added. “Our present balance sheet composition and broad market access leave us well-positioned to take advantage of quality reinsurance underwriting, investment and capital management opportunities as they arise.”