Platinum Underwriters Holdings has reported that its net income for the second quarter of 2012 was $67.5m and diluted earnings per common share of $1.97, compared to a net loss of $20.4m during the corresponding period earlier fiscal.
For the quarter period ended on 30 June 2012, gross premiums written declined by 4.7% to $141.2m, while the underwriter witnessed 12.6% growth in net premiums written, which stood at $141.5m.
Net investment income decreased by 23% to $26.2m compared to the same period previous fiscal.
Platinum chief executive officer Michael Price said the company’s results reflect favorable non-catastrophe prior period development, strong investment results on a total return basis and active capital management.
"Catastrophe activity did not meaningfully impact our results this quarter. The book value per common share grew to $51.84 as of30 June 2012, an increase of 5.8% from 31 March 2012," Price added.
Platinum Underwriters Holdings, trades through its principal subsidiaries in Bermuda and the US and offers property, casualty and finite risk reinsurance coverages, through reinsurance intermediaries, to a diverse clientele globally.