Bermuda-based RenaissanceRe Holdings Ltd. doesn’t seem to have lost its touch. Prior to its appearance at conferences sponsored by the New York Society of Securities Analysts and Salomon Smith Barney this week, the company said that it expects to achieve 15% growth in its consolidated written premium for the full year 2003 compared with 2002.
The company said that premium in its reinsurance segment is “growing faster than previous estimates,” although it also indicated that much of this growth would be concentrated the first quarter. RenRe estimated that Q1 growth in catastrophe reinsurance premium will be greater than 20%, and “growth in specialty reinsurance premium will be greater than 90%, compared with the first quarter of 2002.”
Company Chairman and CEO James N. Stanard commented, “We are very pleased with the performance of our reinsurance unit during the critical January 1 renewal season. Although the broad market was competitive, RenRe was able to achieve preferred signings. Because of strong client relationships, our underwriters achieved remarkable success in initiating and participating in private transactions that were not available to the general market.”
He stated that “In view of our strong performance in the January renewal season, we have raised our 2003 operating earnings per share projections to a range between $5.30 and $5.70, assuming normal loss experience.”
RenRe also announced that it expects to report fourth quarter operating earnings per share of between $1.45 and $1.50, and annual operating earnings per share of $5.17 to $5.22 for 2002. The results are well above analysts’ estimates of around $1.08 per share in Q4 and $4.79 for the year. The Company attributed the results principally to “increased earned premium and the limited catastrophe activity during the fourth quarter.”
It plans to discuss its fourth quarter and full year 2002 financial performance in its earnings announcement scheduled for release after market close on February 4, 2003. An investment community conference call has been scheduled for 9:00 am eastern time on February 5, and will be accessible at that time through the investor relations section of the Company’s website at: www.renre.com.
Topics Trends Reinsurance
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