Third Point Reinsurance posts 4Q profit

PEMBROKE, Bermuda (AP) _ Third Point Reinsurance Ltd. (TPRE) on Wednesday reported fourth-quarter net income of $44.3 million, after reporting a loss in the same period a year earlier.

On a per-share basis, the Pembroke, Bermuda-based company said it had net income of 42 cents. Earnings, adjusted for pretax gains, were 41 cents per share.

The results fell short of Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of 45 cents per share.

The property and casualty reinsurance company posted revenue of $196.7 million in the period.

For the year, the company reported profit of $277.8 million, or $2.64 per share. Revenue was reported as $939 million.

Third Point Reinsurance shares have dropped 5 percent since the beginning of the year. The stock has increased 12 percent in the last 12 months.

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on TPRE at https://www.zacks.com/ap/TPRE