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Member, Beacon International Group, Ltd.
Hamilton, Bermuda-based Montpelier Re Holdings Ltd. reported third quarter net income of $34.8 million on Monday, a 34% decline from the same period a year ago.
The profit was hit by a drop in investment income, which fell 29% from the same period last year to $11.9 million in the quarter. In addition, Montpelier’s third quarter combined ratio deteriorated to 74.0% from 53.9% in the year-ago quarter.
However, net written premiums rose 14% to $115.7 million.
“Our underwriting teams executed well in a competitive market environment during the third quarter,” said Montpelier Re President and CEO Christopher Harris in a statement.
Two more Bermuda-based reinsurers followed the trend of lower net income as they reported first-quarter 2014 results this week.