Platinum Underwriters Holdings has reported total revenues of $245.3m for the first quarter of 2010, a decrease of 18% compared to $299.3m for the same period last year.
Platinum Underwriters’ net premiums earned were $220.1m for the first quarter of 2010, compared to $247.7m for the same quarter in 2009. Net premiums written for the quarter were $247.4m compared to $245.2m for the same period in 2009.
Net investment income for the first quarter of 2010 were $37.5m compared to $34.2m for the same quarter in 2009.
For the first quarter of 2010, the company posted a net income of $15.4m, or $0.32 per share compared to $83,6m, or $1.58 per share for the same period last year.
Michael Price, CEO of Platinum, said: Platinum produced profits in the first quarter of 2010 despite the numerous events around the world giving rise to insured losses. Our results reflect our disciplined approach to underwriting, investing and capital management. Our book value per share was $46.59 as of March 31, 2010, an increase of 3.0% from December 31, 2009.