Cayman Islands-based annuity reinsurer Ascendant Re has revealed that its Q1 2024 net income was $18.06 million, up considerably compared to Q4 2023’s figure of $6.66 million.
Meanwhile, Ascendant Re’s total assets increased by $18.05 million in Q1 2024 to $112.27 million.
At the same time, the firm’s net book value per preferred share in Q1 2024 increased by 55.4% to $3,663.28.
Chief Executive Officer of Ascendant Re, Erik Fell, commented, “I am thrilled with our operating results and seeing our assets grow to over $100 million. We continue to benefit from our reinsurance business that was acquired while rates were very low.
“Our decision to deploy a substantial amount of our equity surplus into digital assets last year has been a significant contribution to our performance.
“We believe we are well positioned for the quarters ahead and are actively looking at some strategic growth opportunities.
“I look forward to continuing to operate in what we believe is an attractive market and providing our next update.”
