NEW YORK (AP) — Reinsurance provider Platinum Underwriters Holdings Ltd. on Tuesday reported a hefty first-quarter loss due to natural disasters in Japan, New Zealand and Australia.
The results missed Wall Street's expectations. However, the Bermuda-based company said it expects property catastrophe reinsurance rates to improve for the rest of the year, especially when contracts renew.
The company, which sells "reinsurance" policies that insurers buy to cover losses on insurance policies, posted a loss of $157.2 million, or $4.20 per share, in the three months ended March 31. That compared with a profit of $15.4 million, or 32 cents per share, in the year-ago period.
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