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That result compares with net income of $113.4 million for the 2023 fiscal year

Net investment income for the year was $222.1 million, up 19 per cent from 2023

The company is the parent of Palomar Specialty Reinsurance Company Bermuda Ltd

During the quarter, shareholders approved the issuance of shares to Parker Wellbore stockholders in connection with the merger between Parker and Nabors

Strong returns were delivered through diversified fee income, low credit risk, treasury/agency investment portfolio and effective capital management

The result was achieved despite a fourth quarter loss of $131 million

That result was a jump of $20 million compared with the 2023 net profit of $161.4 million

The result includes a fourth quarter net loss of $593 million

Results benefited from strong operational performance contributions from recent acquisitions and mark-to-market gains on hedging activities

Gross premiums written increased by $649 million, or 8 per cent, to a record $9 billion

The result was recorded despite a fourth quarter net loss of $198.5 million

The Bermudian-based company has released preliminary commentary in advance of its results announcement on Monday