Platinum Underwriters has kicked off the Bermuda third quarter reporting season with operating profits that smashed analysts' forecasts.
Operating earnings of $1.96 a share compared with Wall Street consensus forecasts of $0.81 a share as higher than expected reserve releases bolstered the bottom line.
Net profits at the reinsurer were $84.9mn, compared to a net loss of $53.5mn in Q3 2011, as Platinum reported a combined ratio of 61.3 percent that improved from 84.3 percent in the prior-year period.
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