Shares of Bermuda reinsurer Platinum Underwriters Holdings Ltd climbed nearly four percent in New York trading on Thursday after the company reported first-quarter net income of $63.7 million.

Platinum shares were up $2.35, or 3.9 percent, to close at $62.16 at the close of regular trading in New York before the markets closed for the Easter weekend.

The company said it benefited from the lack of catastrophes in the first three months of this year.

However, in the absence of major catastrophes it expects reinsurance prices to fall.

Earnings broke down to $2.27 per share for the quarter, while net premiums earned were $126.3 million, net favourable development was $47 million and net investment income amounted to $17.7 million.

Platinum chief executive officer Michael Price said: “Our results reflect favourable prior period development, the absence of major catastrophe activity, strong investment results on a total return basis and active capital management.

“Our book value per common share grew to $65.35 as of March 31, 2014, an increase of 5.3 percent from December 31, 2013.

“Absent major events in the insurance or capital markets, we expect continued downward pressure on overall reinsurance rate adequacy.

“Our present balance sheet composition and broad market access leave us well positioned to take advantage of quality reinsurance underwriting, investment and capital management opportunities as they arise.”

Platinum’s gross written premiums rose 2.3 percent in the first quarter to $138.3 million, compared to the first quarter of 2013.

The net income of $63.7 million compared to $86.5 million last year, while the combined ratio — the proportion of premium dollars spent on claims and expenses — rose by 7.6 percentage points to a still highly profitable 53 percent.

Total assets were $3.9 billion as of March 31, 2014, a decrease of $38.5 million (or one percent) from December 31, 2013. Investable assets, consisting of investments, cash and cash equivalents, accrued investment income and net balances due to brokers, were $3.5 billion as of March 31, 2014, a decrease of $47.4 million (or 1.3 percent) from December 31, 2013.

During the quarter, Platinum repurchased nearly 1.3 million common shares for $75.8 million at a weighted average cost, including commissions, of $58.36 per share.

The buy-back activity helped to boost the company’s book value per common share to $65.35 as of March 31, 2014, an increase of $3.28, or 5.3 percent, from $62.07 on December 31, 2013.

Shareholders’ equity was $1.8 billion as of March 31, 2014, an increase of $13.2 million, or 0.8 percent, from the end of last year.