Montpelier Re Holdings has reported a net income of $69.9m, or $0.96 per share, for the second quarter of 2010, compared to $159m, or $1.81 per share, for the same quarter in 2009.
The operating income of the company for the second quarter of 2010 were $72.5m compared to $68.4m for the same period last year.
The company reported net premiums written of $196m for the second quarter of 2010 compared to $184m for the same quarter of 2009.
For the quarter ended June 30, 2010, the company posted gross premiums earned of $158m compared to $149.7m for the same quarter of 2009.
Christopher Harris, president and CEO of Montpelier Re, said: “We produced a strong quarter with solid underwriting results and steady investment performance resulting in 4.9% growth in book value per share.
“The mid-year renewal season was challenging, and we reduced some catastrophe exposures accordingly. However, we also identified some attractive growth opportunities in our US and UK platforms, most notably within our Marine book.”