Blue Capital Reinsurance Holdings (BCRH) has reported 18 percent fall in profit for the quarter ended Mar. 31, 2017. The company has earned $4.10 million, or $0.47 a share in the quarter, compared with $5 million, or $0.57 a share for the same period last year.
Revenue during the quarter dropped 4.81 percent to $9.90 million from $10.40 million in the previous year period. Net premium earned for the quarter went down marginally by 0.97 percent or $0.10 million to $10.20 million.
Benefits, losses and expenses for the quarter were at $5.80 million, or 56.86 percent of premium earned from $5.40 million or 52.43 percent of premium earned in the last year period. Operating income for the quarter was $17 million, compared with $5 million in the previous year period.
The company has booked a loss on investments of $0.30 million in the quarter compared with a gain of $0.10 million for the previous year period.
Michael J. McGuire, chairman and chief executive officer, commented: "I am pleased with the results we have generated in the first quarter, with excellent underwriting profitability, solid growth in book value per share inclusive of dividends and stable premium levels. These strong results highlight the value of our disciplined underwriting, our high quality portfolio management and our important strategic alignment with Sompo Holdings, Inc. These core principles and the continuity of our underwriting and portfolio management teams position Blue Capital to continue its effective and disciplined deployment of capital in a challenging market."
Assets, liabilities fallTotal assets were almost stable over the past one year at $204 million on Mar. 31, 2017. On the other hand, total liabilities were at $24.40 million as on Mar. 31, 2017, down 3.17 percent or $0.80 million from year-ago. Return on assets stood at 8.33 percent in the quarter, up 5.89 from 2.45 percent in the last year period. At the same time, return on equity was at 9.47 percent in the quarter, up 6.67 from 2.79 percent in the last year period.
Shareholders equity was almost stable over the past one year at $179.60 million on Mar. 31, 2017.
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