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Platinum Underwriters Q3 net income drops

Platinum Underwriters Holdings, has reported a net loss of $53.5m and a loss per common share of $1.43 for the quarter ended 30 September 2011, compared to $93.6m, or $2.31 per share, for the same period last year.

The company reported total revenues of $199.4m for the third quarter of 2011, compared to $254.6m for the same quarter in 2010.

Net premiums earned were $166.8m, net favorable development of $27.8m, net investment income of $29.8m and net realized gains on investments of $7.5m.

Net premiums written for Platinum’s property and marine, casualty and finite risk segments for the quarter ended 30 September 2011 were $101.6m, $72.7m and $2.8m, respectively, representing 57.4% , 41.0% and 1.6%, respectively, of total net premiums written.

Platinum Underwriters Holdings CEO Michael Price said net income was adversely affected by natural catastrophe losses, particularly those arising from greater than expected claims activity from earthquakes in Japan and New Zealand earlier this year.

"However, our book value per common share grew by 1.8% in the quarter to $46.26 as of 30 September 2011, reflecting strong investment results on a total return basis and favorable non-catastrophe reserve development," Price said.