Bermuda reinsurer Platinum Underwriters Holdings has announced its net income for the first quarter of the year has fallen 81.8 per cent from the same period last year.
Net income fell $69.5 million to $15.4 million, or 32 cents per common share.
The results include net premiums of $220.2 million, net favourable development of $49.5 million and net investment income and net realized gains on investments of $43 million.
Michael D. Price, Platinum CEO, 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 three per cent from December 31, 2009."
