Montpelier Re has reported comprehensive income for the quarter ended 30 September 2006 of $110m.
Net income excluding net realised investment gains and losses was $76m for the third quarter.
Anthony Taylor, chairman and CEO, said: "Our combined ratio was 58.3%, a reflection of a favourable pricing environment, the low level of catastrophe losses in the quarter, net zero development of the 2004 and 2005 hurricane reserves and $8m of net favourable reserve development on prior accident years.
"The factors driving the strong pricing environment in our core lines of business show no immediate signs of abating.”
He continued, “A year-to-date return of 20.5% represents a solid result. We continue to believe that our focus on short-tail lines of business will prove to be the optimal strategy to maximise growth in book value per share over the long run.”
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