EX-99.1 8 a2121253zex-99_1.txt EX-99.1 Exhibit 99.1 MONTPELIER RE HOLDINGS LTD. CONSOLIDATED BALANCE SHEETS (millions, except share and per share amounts)
September 30, December 31, 2003 2002 ------------ ------------ Assets Investments and cash: Fixed maturities, at fair value $ 1,900.6 $ 1,354.8 Equities (quoted), at fair value 26.9 - Equities (unquoted), at estimated fair value 63.7 63.7 Cash and cash equivalents, at fair value 227.5 162.9 ---------- ---------- Total investments and cash 2,218.7 1,581.4 Unearned premium ceded 26.8 3.8 Reinsurance premiums receivable 260.0 147.2 Funds withheld by cedents 3.8 20.5 Deferred acquisition costs 72.0 44.9 Reinsurance recoverable 7.6 16.6 Accrued investment income 14.3 13.1 Other assets 3.0 6.4 ---------- ---------- Total Assets $ 2,606.2 $ 1,833.9 ========== ========== Liabilities Loss and loss adjustment expense reserves $ 220.3 $ 146.1 Unearned premium 411.8 241.0 Reinsurance balances payable 25.5 2.5 Investment trades pending 113.4 34.3 Senior notes 248.8 - Long-term debt - 150.0 Accounts payable, accrued expenses and other liabilities 17.1 7.5 ---------- ---------- Total Liabilities 1,036.9 581.4 ---------- ---------- Shareholders' equity Common voting shares and Additional paid-in capital 1,129.6 1,126.5 Accumulated other comprehensive income 42.0 35.6 Retained earnings 397.7 90.4 ---------- ---------- Total Shareholders' Equity 1,569.3 1,252.5 ---------- ---------- Total Liabilities and Shareholders' Equity $ 2,606.2 $ 1,833.9 ========== ========== Common voting shares outstanding (000's) 63,393sh 63,393sh Common voting and common equivalent shares outstanding (000's) 73,262 73,262
Book value per share: Basic book value per common voting share $ 24.76 $ 19.76 ========== ========== Fully converted book value per common voting and common equivalent share $ 23.72 $ 19.39 ========== ==========
MONTPELIER RE HOLDINGS LTD. CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (millions, except per share amounts)
Three Three Nine Nine Months to Months to Months to Months to September 30, September 30, September 30, September 30, 2003 2002 2003 2002 ------------- ------------- ------------- ------------- Revenues: Gross premiums written $ 145.9 $ 193.7 $ 706.6 $ 533.8 Reinsurance premiums ceded 1.8 (20.9) (39.9) (39.7) ------- ------- ------- ------- Net premiums written 147.7 172.8 666.7 494.1 Change in net unearned premiums 15.2 (66.4) (144.7) (269.5) ------- ------- ------- ------- Net premiums earned 162.9 106.4 522.0 224.6 Net investment income 12.3 12.3 35.7 30.5 Net realized investment gains (losses) on investments (3.0) 4.0 6.3 5.5 Net foreign exchange gains 2.1 0.3 1.9 1.0 ------- ------- ------- ------- Total revenues 174.3 123.0 565.9 261.6 Expenses: Loss and loss adjustment expenses 35.1 69.0 112.9 122.4 Acquisition costs 32.3 20.4 107.2 41.6 General and administrative expenses 12.8 5.8 32.9 15.9 Interest expense 3.0 1.2 5.5 3.3 ------- ------- ------- ------- Total expenses 83.2 96.4 258.5 183.2 Income before taxes 91.1 26.6 307.4 78.4 Income tax expense 0.1 - 0.1 - ------- ------- ------- ------- Net income $ 91.0 $ 26.6 $ 307.3 $ 78.4 ------- ------- ------- -------
Other comprehensive income items 3.1 15.5 6.5 25.4 ------- ------- ------- ------- Comprehensive income $ 94.1 $ 42.1 $ 313.8 $ 103.8 ======= ======= ======= ======= Earnings per share: Basic earnings per share $ 1.44 $ 0.51 $ 4.85 $ 1.49 Diluted earnings per share $ 1.34 $ 0.50 $ 4.58 $ 1.49 Basic comprehensive net income per share $ 1.48 $ 0.80 $ 4.95 $ 1.98 Diluted comprehensive net income per share $ 1.39 $ 0.79 $ 4.67 $ 1.98 Insurance ratios: Loss ratio 21.5% 64.8% 21.6% 54.5% Expense ratio 27.7% 24.7% 26.8% 25.6% Combined ratio 49.2% 89.5% 48.4% 80.1%
MONTPELIER RE HOLDINGS LTD. FULLY CONVERTED BOOK VALUE PER COMMON VOTING AND COMMON EQUIVALENT SHARE (millions, except share and per share amounts)
September 30, December 31, 2003 2002 ------------ ------------ Numerator (in millions): shareholders' equity $ 1,569.3 $ 1,252.5 proceeds from assumed exercise of outstanding warrants 122.0 122.0 proceeds from assumed exercise of outstanding options 46.1 46.1 ------------ ------------ Book value numerator $ 1,737.4 $ 1,420.6 ============ ============ Denominator (in shares): common voting shares outstanding 63,392,600sh 63,392,600sh shares issuable upon exercise of outstanding warrants 7,319,160sh 7,319,160sh shares issuable upon exercise of outstanding options 2,550,000sh 2,550,000sh ------------ ------------ Book value denominator 73,261,760sh 73,261,760sh ============ ============ Fully converted book value per common voting and common equivalent share $ 23.72 $ 19.39 ============ ============
MONTPELIER RE HOLDINGS LTD. DILUTED EARNINGS PER COMMON AND COMMON EQUIVALENT SHARE (millions, except share and per share amounts)
Three Months Three Months Ended Ended September 30, September 30, 2003 2002 ------------- ------------- Basic earnings per common share: Net income available to common shareholders $ 91.0 $ 26.6 Weighted average common shares outstanding - Basic 63,392,600sh 52,440,000sh ------------- ------------- Basic earnings per common share $ 1.44 $ 0.51 ============= ============= Diluted earnings per common and common equivalent share: Net income available to common shareholders $ 91.0 $ 26.6 Weighted average common shares outstanding - Basic 63,392,600sh 52,440,000sh Dilutive effect of warrants 3,450,357sh 623,864sh Dilutive effect of share options 936,292sh 65,529sh ------------- ------------- Weighted average common and common equivalent shares outstanding - Diluted 67,779,249sh 53,129,393sh ------------- ------------- Diluted earnings per common and common equivalent share $ 1.34 $ 0.50 ============= ============= Nine Months Nine Months Ended Ended September 30, September 30, 2003 2002 ------------- ------------- Basic Earnings per common share: Net income available to common shareholders $ 307.3 $ 78.4 Weighted average common shares outstanding - Basic 63,392,600sh 52,440,000sh ------------- ------------- Basic earnings per common share $ 4.85 $ 1.49 ============= ============= Diluted earnings per common share and common equivalent share: Net income available to common shareholders $ 307.3 $ 78.4
Weighted average common shares outstanding - Basic 63,392,600sh 52,440,000sh Dilutive effect of warrants 3,021,557sh 78,500sh Dilutive effect of share options 718,077sh 5,470sh ------------- ------------- Weighted average common and common equivalent shares outstanding - Diluted 67,132,234sh 52,523,970sh ------------- ------------- Diluted earnings per common and common equivalent share $ 4.58 $ 1.49 ============= =============