NU Online News Service, Feb. 14, 9:32 a.m. EST
Bermuda-based reinsurer Montpelier Re Holdings Ltd. reported net income dropped 60 percent in the fourth quarter of 2010 due to a combination of catastrophe losses and declines in investment returns.
The company reported net income decreased $62.5 million to $42 million. Net income per share dropped 62 cents to 63 cents a share. Gross insurance and reinsurance premiums written increased 29 percent, or $23 million, in the quarter to $102 million. The combined ratio jumped 25.4 points to 74.1.
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