Montpelier Estimates Increase in Q4 Book Value per Share to $22.60-22.70

Loading...
Loading...
Montpelier Re Holdings Ltd.
MRH
today announced that it currently expects its December 31, 2011 fully converted book value per share will be between $22.60 and $22.70, an increase of approximately 2% over the third quarter of 2011 after taking into account common share dividends declared during the quarter. The Company noted that its estimated quarterly increase in book value includes approximately $30 million in net realized and unrealized investment and foreign exchange gains, an $11 gain from the sale of Montpelier U.S. Insurance Company and the effects of $20 million of common share repurchases. As a result of the MUSIC sale, the Company notes that its expected increase in its fully converted tangible book value per share will be approximately 3% for the quarter. The Company further announced that it currently estimates a fourth quarter net operating loss of between $0.25 and $0.35 per common share. The net operating loss estimate includes the following: (i) the net financial impact of the severe flooding in Thailand of approximately $40 million; (ii) the net financial impact of other catastrophe events occurring during 2011 of approximately $26 million, including those occurring in the fourth quarter; and (iii) approximately $18 million of net favorable prior year loss reserve development.
Loading...
Loading...
Posted In: News
Benzinga simplifies the market for smarter investing

Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.

Join Now: Free!

Loading...