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July 28, 2014
16:13 EDTMRHMontpelier Re reports Q2 EPS 76c, consensus 99c
Reports fully converted book value per share of $31.74, a 2.8% increase from March 31. Net premiums written in the second quarter were flat year-over-year, when adjusting for reinstatements, with increased writings within the company’s Montpelier at Lloyd’s and Collateralized Reinsurance segments, offsetting a decrease in writings at Montpelier Bermuda. The loss ratio for the quarter was 41%, which includes $24M of net losses from known catastrophe events in the quarter, offset by $38M of favorable prior year loss reserve movements. The combined ratio was 77% for the quarter. Net investment income was $12M for the quarter, and the total return on the investment portfolio was 0.9%.
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