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Montpelier Re Holdings Ltd. Reports Operating Results (10-Q)
Posted by: gurufocus (IP Logged)
Date: May 4, 2012 04:32PM

Montpelier Re Holdings Ltd. (MRH) filed Quarterly Report for the period ended 2012-03-31. Montpelier Re has a market cap of $1.23 billion; its shares were traded at around $20.81 with a P/E ratio of 32.4 and P/S ratio of 1.8. The dividend yield of Montpelier Re stocks is 2%.



Highlight of Business Operations:

Sales of investments totaled $1,070.4 million and $885.4 million for the three month periods ended March 31, 2012 and 2011, respectively. Maturities, calls and paydowns of investments totaled $138.3 million and $114.1 million for the three month periods ended March 31, 2012 and 2011, respectively. There were no non-cash exchanges or involuntary sales of investment securities during these periods.

The following table outlines the Company’s computation of earnings (loss) per Common Share for the three month periods ended March 31, 2012 and 2011:

Profit commissions, which are paid by assuming companies to ceding companies in the event of favorable loss experience, change as Montpelier Bermuda’s estimates of loss and LAE fluctuate. Montpelier Bermuda pays profit commissions on certain assumed reinsurance contracts, and receives profit commission on certain ceded contracts. Increases (decreases) in net profit commission expense, which are accrued based on the estimated results of the subject contracts, totaled $(1.5) million and $0.4 million for the first quarters of 2012 and 2011, respectively. Relatively few of Montpelier Bermuda’s assumed reinsurance contracts contain profit commission clauses and the terms of these profit commissions are specific to the individual contracts and vary as a percentage of the contract results.

Montpelier Bermuda’s acquisition cost ratio for the three month periods ended March 31, 2012 decreased, as compared to the comparable 2011 period, primarily as a result of increases in profit commissions earned on ceded reinsurance contracts.

Profit commissions, which are paid by assuming companies to ceding companies in the event of a favorable loss experience, change as Montpelier Syndicate 5151’s estimates of loss and LAE fluctuate. Increases (decreases) in profit commissions, which are accrued based on the estimated results of the subject contract, totaled $(1.0) million and $0.6 million for the three month periods ended March 31, 2012 and 2011, respectively.

Read the The complete Report



Stocks Discussed: MRH,
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