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Montpelier Re Holdings Turns To Profit In Q1

Insurer Montpelier Re Holdings Ltd. (MRH) reported first-quarter net income available to shareholders of $107.1 million or $1.74 per share, compared to a net loss available to shareholders of $104.3 million or $1.67 per share last year.

Excluding items, operating income available to common shareholders was $75.7 million or $1.23 per share, compared to an operating loss of $118.5 million or $1.90 per share a year ago.

On average, 5 analysts polled by Thomson Reuters expected earnings of $0.65 per share for the quarter. Analysts' estimates typically exclude special items.

Revenue for the quarter declined to $160.5 million from $166.1 million last year.

Analysts expected revenues of $209.00 million for the quarter.

Net premiums written in the quarter were down 3 percent , but were up when adjusting for reinstatements and the sale of MUSIC.

by RTT Staff Writer

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