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.”