Montepelier Re posts lower third-quarter profit

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.