Syncora Holdings Ltd. Reports Unaudited Consolidated Earnings Results for the Six Months Ended June 30, 2018
August 14, 2018 at 04:30 pm EDT
Syncora Holdings Ltd. reported unaudited consolidated earnings results for the six months ended June 30, 2018. For the six months, the company reported premiums earned, net of reinsurance ceded of $23.1 million against $27.4 million a year ago. The decrease was due to $3.3 million of premiums ceded to Assured Guaranty Corp. under the reinsurance agreement effective June 1, 2018 and as a result of lower earned premiums from the continued run-off of the company’s book of business. Net investment income was $21.4 million against $23.5 million a year ago. The decrease was primarily due to lower income on remediation bonds as compared to the prior period. Net unrealized and realized gains on investments was $3.5 million against net unrealized and realized loss on investments of $9.8 million a year ago. Loss from continuing operations was $118.1 million against $75.3 million a year ago. Net loss was $107.3 million against $69.3 million a year ago. Basic and diluted loss per common share was $1.24 against $0.80 a year ago. Non-GAAP operating loss was $45.3 million against $39.1 million a year ago. Non-GAAP basic and diluted operating loss per common share was $0.52 against $0.45 a year ago. Adjusted book value per common share was $4.93 against $7.02 a year ago.