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Blue Capital Reinsurance Holdings Reports 2013 Financial Results And Provides A Summary Of 2014 Capital Deployment

Blue Capital Reinsurance Holdings Ltd. (NYSE:BCRH) (the “Company”), a newly-formed Bermuda holding company that offers collateralized reinsurance in the property catastrophe market and invests in various insurance-linked securities, today reported its financial results for 2013. The Company was formed on June 24, 2013 and began trading on the New York Stock Exchange on November 6, 2013.

The Company’s book value per common share (BVPCS) was $19.80 at December 31, 2013, a decrease of $0.20 from its initial public offering price. The Company’s net loss for the period from June 24, 2013 to December 31, 2013 was $0.7 million ($0.31 per average common share).

The table below presents the components of the Company’s 2013 activities:
    Amount in     Impact per share

Period from June 24, 2013 to December 31, 2013
millions Earnings   BVPCS
 
Net loss

 
$ (0.7 ) $ (0.31 ) $ (0.08 )
 
Issuance of common shares 175.0 - 20.00
 
Common share issuance costs   (1.0 )   -     (0.12 )
 

Net change in our common shareholders' equity
$ 173.3   $ (0.31 ) $ 19.80  
 

Denominators (average and ending common shares, respectively, in thousands)
2,303 sh 8,750 sh
 
 

The Company initially retained $14 million of the $174 million of total offering proceeds raised which will be used to fund its anticipated cash obligations, including its first three regular quarterly dividend payments, for the initial year of its operations. The Company expects to deploy substantially all of the $160 million of remaining net proceeds during 2014.

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