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The company said it is also commencing a multi-pronged strategic partnership with Bermudian-based Enstar Group Ltd

News comes as the Bermudian-based insurer and reinsurer issues a trading statement for the nine months ended September 30

The company reported reinsurance revenue of $588.2 million, a 30.3 per cent increase over the first nine months of 2023

Bermudian-domiciled financial services holding company has seven operating companies

Operating income was $540.3 million, up from $426.3 million in the third quarter of 2023

The company’s subsidiaries include Palomar Specialty Reinsurance Company Bermuda Ltd

The global insurance company has operations in more than 80 countries and jurisdictions, including Bermuda

Company says the result was impacted by completion of a previously announced shareholder transaction

The total for the period was $1.67 billion, which compares with $1.62 billion in the prior year quarter

That result compares with $151 million in the second quarter of the year

That compares with net income available to common shareholders of $713 million for the 2023 third quarter

The Bermudian-domiciled energy technology company had third-quarter operating revenues of $732 million