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Earnings roundup: MBIA, Third Point Re book net loss in Q1

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Earnings roundup: MBIA, Third Point Re book net loss in Q1

With earnings season in gear, S&P Global Market Intelligence presents a snapshot of recently reported financial results for companies in the insurance space.

Financial guaranty

MBIA Inc. reported a first-quarter adjusted net loss of $61 million, or 69 cents per share, compared with adjusted net income of $9 million, or 7 cents per share, in the year-ago period.

The company booked a net loss of $98 million, or $1.12 per share, compared with a net loss of $72 million, or 55 cents per share, a year earlier.

Life and health

FGL Holdings reported first-quarter net income available to common shareholders of $45 million, or 21 cents per share, and total adjusted operating income available to common shareholders of $61 million, or 28 cents per share.

As a result of acquisition accounting, financial results for the periods after the closing of CF Corp.'s acquisition of Fidelity & Guaranty Life are generally not comparable to the results of prior periods.

The predecessor company had net income available to common shareholders of $22 million, or 38 cents per share, and total adjusted operating income available to common shareholders of $38 million, or 65 cents per share.

Property and casualty

Third Point Reinsurance Ltd. reported a first-quarter net loss available to common shareholders of $26.0 million, or a loss of 26 cents per share, compared with net income available to common shareholders of $104.2 million, or 98 cents per share, in the first quarter of 2017.

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United Fire Group Inc. reported first-quarter adjusted operating income of $25.5 million, or $1.00 per share, up from $17.4 million, or 67 cents per share, in the first quarter of 2017.

The company saw first-quarter net income of $45.8 million, or $1.80 per share, versus $19.9 million, or 77 cents per share, in the year-ago period.

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Maiden Holdings Ltd. reported first-quarter net income attributable to common shareholders of $13.7 million, or 16 cents per common share, down from $20.5 million, or 23 cents per common share, in the prior-year quarter.

Non-GAAP operating earnings attributable to common shareholders were $16.8 million, or 20 cents per common share, versus $22.6 million, or 26 cents per common share, in the year-ago quarter.

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Baldwin & Lyons Inc. reported first-quarter net income of $330,000, or 2 cents per share, compared with $6.8 million, or 45 cents per share, in the prior-year period.

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Kingstone Cos. Inc. posted a first-quarter net operating loss of $2.3 million, or a loss of 22 cents per share, compared with net operating income of $1.5 million, or 15 cents per share, in the year-ago quarter.

On a GAAP basis, the first-quarter net loss was $2.7 million, or a loss of 25 cents per share, compared with net income of $1.5 million, or 15 cents per share, in the first quarter of 2017.

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Conifer Holdings Inc. reported first-quarter net income of $213,000, or 2 cents per share, compared with a net loss of $1.8 million, or a loss of 24 cents per share, in the prior-year quarter.

The company reported adjusted operating income of $1.8 million, or 21 cents per share, for the quarter, versus an adjusted operating loss of $1.8 million, or a loss of 24 cents per share, for the same period in 2017.