Bermuda based Platinum Underwriters Holdings has reported a net income of $53.29m for the first quarter of 2012, compared to a net loss of $157.19m for the same period in 2011.
The total revenue for the first quarter of 2012 was $187.55m, compared to $215.26m for the same period a year ago.
Net premiums earned were $138.2m, compared to $182.88m for the same period prior year.
Net investment income was $28.55m, compared to $32.38m for the same period last year.
The company said that the results also reflect the net negative impact of $24.8m from major catastrophe losses, net of retrocessional coverage, reinstatement premiums and taxes.
Platinum CEO Michael Price said that the company’s results reflect the previously announced negative financial impact from severe weather in the US, favorable prior period development, strong investment results on a total return basis and active capital management.