Third Point Reinsurance reported a net first-quarter loss of $26 million as investment valuations fell — but gross premiums more than doubled.

The Bermudian-based company, whose investments are managed by Dan Loeb’s Third Point LLC hedge fund, said the loss broke down to 26 cents per share, compared to earnings of 98 cents per share in the first quarter of 2017.

Diluted book value per share decreased by 26 cents, or 1.7 per cent, to $15.39 as of March 31, 2018, down from $15.65 as of the end of last year.

“During the first quarter, we generated premiums written of $378 million, an increase of 159 per cent compared to the prior year’s quarter,” Rob Bredahl, Third Point Re’s chief executive officer, said.

“Our combined ratio for the quarter was 104.5 per cent, compared to 106.3 per cent in the prior year’s first quarter.

“We experienced significant premium growth in the first quarter compared to the prior year, driven by new business and the timing of certain renewals.

“We were pleased with the business written during the quarter, which was generally at improved terms and underlying pricing. We expect this to contribute to an improvement in our underwriting results as this premium is earned.

“Our investment returns and overall return on equity reflected a modest loss for the quarter, however, we remain confident that the improvements in our underwriting results as well as Third Point LLC’s proven track record will generate attractive returns to our shareholders over time.”