Blue Capital Reinsurance Holdings Ltd (BCRH) has reported 25 percent fall in profit for the quarter ended Sep. 30, 2016. The company has earned $3.30 million, or $0.38 a share in the quarter, compared with $4.40 million, or $0.50 a share for the same period last year. Revenue during the quarter grew 7.61 percent to $9.90 million from $9.20 million in the previous year period. Net premium earned for the quarter increased 9.47 percent or $0.90 million to $10.40 million.
Total expenses increase substantiallyBenefits, losses and expenses for the quarter were at $6.60 million, or 63.46 percent of premium earned from $4.80 million or 50.53 percent of premium earned in the last year period. Operating income for the quarter was $3.30 million, compared with $4.40 million in the previous year period. The company has booked a loss on investments of $0.50 million in the quarter compared with a loss of $0.30 million for the previous year period.
Adam Szakmary, President and Chief executive officer, commented: "Our third quarter and year to date results reflect our effective underwriting and risk management capabilities as we generated strong profitability despite a greater frequency of global loss events in 2016. Our strategy of exclusively focusing on catastrophe exposures to create a portfolio of risks diversified across global geographies, products and insurers continues to generate attractive shareholder returns."
Assets, liabilities fall
Total assets decreased 4.39 percent or $9.40 million to $204.60 million on Sep. 30, 2016. On the other hand, total liabilities were at $25.40 million as on Sep. 30, 2016, down 20.13 percent or $6.40 million from year-ago. Return on assets stood at 1.61 percent in the quarter, down 0.49 from 2.10 percent in the last year period. At the same time, return on equity was at 1.84 percent in the quarter, down 0.57 from 2.41 percent in the last year period.
Shareholders equity stood at $179.20 million as on Sep. 30, 2016, down 1.65 percent or $3 million from year-ago.
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