Montpelier Re Insurance Holdings President and CEO Christopher Harris said he expects 2015 first quarter net written premiums to be flat compared to the same period a year ago. The reason: results from Jan. 1 renewals.

“Based on the January renewals, we expect our net written premiums for the first quarter of 2015 to be flat versus the prior year,” Harris said in prepared remarks issued for the reinsurer’s Q4 financial results.

Broken down, Harris said that translates to Montpelier Re seeing growth in its individual risk and other specialty lines, “offsetting the impact of targeted reductions in property catastrophe.”

Montpelier Re, a provider of short-tail reinsurance and other specialty lines, ended 2014 with a dent in its net income driven, in part, by declining investment returns and currency fluctuations. But catastrophe losses stayed minimal, and Q4 underwriting results saw solid increases.

For the 2014 fourth quarter, gross insurance and reinsurance premiums written came in at just under $99 million, up from $87.6 million over the same period in 2013. Net insurance and reinsurance premiums written are booked at $93.2 million, versus $77.8 million a year ago.

Gross insurance and reinsurance premiums earned landed at $182.3 million, a jump over $174.1 million in the 2013 fourth quarter. Net insurance and reinsurance premiums earned hit $160.6 million, versus $148 million in the same year-ago period.

Montpelier Re said that net premiums written in Q4 jumped 20 percent over Q4 in 2013, thanks to increased writings within its Montpelier at Lloyd’s and Collateralized Reinsurance segments. Those offset a decrease in writings at Montpelier Bermuda, the company added.

For the quarter, the combined ratio was 60.7, a jump over 39.4 in Q4 for 2013.

Net income came it at $58.7 million, down from $79.3 million in the 2013 fourth quarter. Net investment income reached $9.6 million, but that’s down from $14.2 million over the same period last year.

Basic and diluted earnings per common share came in at $1.09 for Q4 2014, down from $1.44 in the 2013 fourth quarter.

Source: Montpelier Re Insurance Holdings