Weather Losses Contribute to Third Point Reinsurance Ltd. (TPRE) EPS Loss; Compass Point Reiterates Buy

Compass Point reiterated a Buy rating and $16.00 price target on Third Point Reinsurance (NYSE: TPRE) following the company's 3Q earnings report. TPRE reported an operating EPS loss of ($1.89) versus the consensus estimate for a loss of ($1.87). Adverse development impacted EPS by a penny, while weather losses reduced EPS another three cents.

Analyst Ken Billingsley commented, "With the EPS loss relatively in line with consensus due to weak investment performance, TPRE shares should not react negative initially. However, weaker underwriting performance and the exposure to windstorm losses in TX will generate some concern as the combined ratio rose in the quarter."

For an analyst ratings summary and ratings history on Third Point Reinsurance click here. For more ratings news on Third Point Reinsurance click here.

Shares of Third Point Reinsurance closed at $13.98 yesterday.

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