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Blue Capital Reinsurance Holdings Reports First Quarter Financial Results

Blue Capital Reinsurance Holdings Ltd. (NYSE:BCRH) (the “Company”), a 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 the first quarter of 2014. 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 (BVPS) was $20.20 at March 31, 2014, an increase of $0.40 from December 31, 2013, reflecting a 3.5% increase inclusive of dividends declared in the quarter. The Company’s net income and operating income for the quarter was $6.1 million ($0.70 per share).

The table below illustrates the components of our first quarter 2014 activities:
      Amount in     Impact per share
Three Month Period ended March 31, 2014 millions Earnings     BVPS
 
Net income and operating income $ 6.1 $ .70 $ .70
 
Common dividends declared   (2.6 )   (.30 )
 
Net change in book value $ 3.5   $ .40  
 

During the first quarter of 2014, the Company bound indemnity reinsurance contracts with expected total annual premiums of $41.0 million and wrote $21.8 million in premium. The business generated by the Company since its inception collectively represents $181.9 million in total reinsurance contract limit.

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