Platinum Underwriters Holdings, Ltd. Reports Record Fourth Quarter and Year Ended December 31, 2007 Financial Results
Michael D. Price, Chief Executive Officer, commented, "Platinum producedrecord results in 2007 reflecting solid current period underwriting margins,strong investment income, the absence of major catastrophes and favorableprior period development. Our book value per share increased 20.2% fromDecember 31, 2006 to $34.04 and reflects share repurchases during the year of$240.5 million at an average price of $34.68."
Mr. Price added, "In response to deteriorating reinsurance marketconditions, we cut back our underwriting activity at January 1st. Ourunderwriting discipline coupled with greater retention by ceding companies hasresulted in approximately 18% less premium bound at January 1st as compared tolast year."
Mr. Price also stated, "Overall, 2007 was another successful year forPlatinum. We produced excellent returns while maintaining prudent risk levels.We are strongly capitalized and if the business performs as expected, weanticipate generating excess capital allowing us to continue actively managingour capital base through share repurchases, subject to appropriate valuationconstraints."
Results for the quarter ended December 31, 2007 were summarized asfollows:
Results for the quarter ended December 31, 2007 compared to the quarterended December 31, 2006 were summarized as follows:
Net premiums written for Platinum's Property and Marine, Casualty andFinite Risk segments for the quarter ended December 31, 2007 were $105.6million, $128.7 million and $6.8 million, respectively, representing 43.8%,53.4% and 2.8%, respectively, of the total net premiums written. Combinedratios for these segments were 56.8%, 91.7% and 24.6%, respectively. Comparedto the quarter ended December 31, 2006, net premiums written increased $14.6million (or 16.0%) in the Property and Marine segment and decreased $45.1million (or 25.9%) and $4.0 million (or 37.2%) in the Casualty and Finite Risksegments, respectively.
Results for the year ended December 31, 2007 compared to the year endedDecember 31, 2006 were summarized as follows:
Net premiums written for Platinum's Property and Marine, Casualty andFinite Risk segments for the year ended December 31, 2007 were $505.0 million,$584.6 million and $30.2 million, respectively, representing 45.1%, 52.2% and2.7%, respectively, of the total net premiums written. Combined ratios forthese segments were 60.9%, 97.2% and 73.1%, respectively. Compared to theyear ended December 31, 2006, net premiums written increased $80.1 million (or18.9%) in the Property and Marine segment, decreased $173.1 (or 22.8%) in theCasualty segment and increased $36.2 million in the Finite Risk segment.
Total assets were $5.08 billion as of December 31, 2007. Total assetsdecreased $14.8 million (or 0.3%) from $5.09 billion as of December 31, 2006.Cash, cash equivalents and fixed maturity investments were $4.46 billion as ofDecember 31, 2007, an increase of $232.6 million (or 5.5%) from $4.23 billionas of December 31, 2006.
Shareholders' equity was $2.00 billion as of December 31, 2007, anincrease of $140.3 million (or 7.6%) from $1.86 billion as of December 31,2006. Book value per common share was $34.04 as of December 31, 2007 b
You May Also Like