Third Point Reinsurance Ltd. (TPRE) Tops Q1 EPS by 1c

Third Point Reinsurance Ltd. (NYSE: TPRE) reported Q1 EPS of ($0.49), $0.01 better than the analyst estimate of ($0.50). Revenue for the quarter came in at $197.2 million versus the consensus estimate of $229.7 million.

"During the first quarter, we generated premiums written of $197.2 million, a decrease of 7.6% compared to the prior year's first quarter. Our combined ratio for the quarter was 104.9%, which is in line with our expectations given current market conditions and the lines of business on which we focus," commented John Berger, Chairman and Chief Executive Officer. "During the first quarter, we generated a negative investment return of 2.0%. During April, we generated an investment return of 1.8% bringing the year to date return through April to a slightly negative 0.2%. Despite challenging conditions in both the financial and reinsurance markets, we continue to believe in our total return model."

For earnings history and earnings-related data on Third Point Reinsurance Ltd. (TPRE) click here.

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