Company did not provide specific financial guidance for the current or future periods
Overview
US specialty insurance platform's Q2 revenue rose on strong Program Services fee growth
Company posted Q2 net loss of $8.1 mln, or $1.03 per share
Legacy Reinsurance segment reported underwriting loss of $1.3 mln, including adverse prior period loss development
Key details
Metric
Actual
Q2 Revenue
$6.70 mln
Q2 Adjusted Loss Per Share
$0.86
Q2 Loss Per Share
$1.03
Q2 Net Loss
$8.10 mln
Result drivers
Program Services growth - Fee revenue and premium produced in the Program Services segment rose sharply, driven by expansion of existing and new client accounts
Legacy Reinsurance losses - Underwriting loss in the Legacy Reinsurance segment due to adverse prior period loss development and run-off of international operations
Investment losses - Net investment income was offset by realized and unrealized investment losses, resulting in a combined loss from investment activities
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