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HAMILTON, Bermuda—Montpelier Re Holdings Ltd. sustained a $124.3 million loss for 2011 compared with net income of $212.0 million during the previous year, the reinsurer reported Thursday.
Hamilton, Bermuda-based Montpelier reported a combined ratio of 131.1% for 2011, reflecting catastrophe losses from flooding in Thailand and other natural disasters, compared with a combined ratio of 82.0% a year earlier.
Gross written premiums increased less than 1% to $725.5 million for 2011.
For the fourth quarter of 2011, Montpelier Re reported net income of $25.0 million, a 40.8% drop from profits of the same period in 2010. The company’s combined ratio deteriorated to 116.9% from the 74.1% posted a year earlier. Gross written premiums for the quarter fell 10.3% to $91.7 million.
“We made important strategic progress in 2011 with the sale of a noncore business and the expansion of our property catastrophe underwriting partnerships,” said Christopher Harris, Montpelier Re’s president and CEO, in a statement announcing the results. “These initiatives enhanced our capital flexibility, improved our competitive positioning, and contributed to a successful January renewal season.”