RenaissanceRe Holdings Ltd., Bermuda’s premier property reinsurer, reported that its net income available to common shareholders rose 28.3% to $113.2 million or $1.59 per common share in the quarter, from $88.2 million or $1.26 per common share for the same quarter of 2002.
RenRe reported Q3 net operating income, which excluded gains and losses on investments, of $112 million available to common shareholders, compared to $78 million in the third quarter of 2002. “Operating income per common share grew to $1.57 in the third quarter of 2003, from $1.11 per common share in the third quarter of the previous year,” said the announcement.
James N. Stanard, Chairman and CEO, commented: “We again delivered outstanding financial results in the third quarter. Our Reinsurance segment performed in line with our expectations, and continued to deliver market leading returns on equity. Managed Cat premiums are roughly flat for the nine months, although quarterly premiums have fluctuated as large programs move in and out of our portfolio.
“Our Individual Risk segment generated premium growth of over 50% comparing the 2003 third quarter with the 2002 third quarter–excluding the benefit of $50 million of premium associated with the assumption of a portfolio of business in 2003. We continue to be very pleased with the strong performance of the Individual Risk segment, which includes primary insurance and quota share reinsurance.”
The earnings report also noted that “Gross premiums written for the third quarter of 2003 were $313.3 million, compared to $282.6 million for the same quarter of 2002. Net premiums written for the third quarter of 2003 were $236.6 million, versus $192.7 million for the same quarter of 2002. Net premiums earned for the third quarter of 2003 were $277.4 million, compared to $191.3 million for the same quarter of 2002.
“Those premiums include $25.1 million of gross written premiums, $29.5 million of net written premiums and $49.9 million of net premiums earned by the Company’s consolidated joint venture, DaVinci Re during the third quarter of 2003, compared to $38.5 million of gross written premiums, $36.2 million of net written premiums and $42.3 million of net premiums earned by DaVinci Re during the third quarter of 2002.
“Gross premiums written for the nine months ended September 30, 2003 were $1,211.0 million, compared to $1,013.7 million for the same period of 2002. Net premiums written for the nine months ended September 30, 2003 were $987.2 million, compared to $770.3 million for the same period of 2002. Net premiums earned for the first nine months of 2003 were $816.4 million, compared to $526.4 million for the same period of 2002.
“Those premiums include $168.7 million of gross written premiums, $175.0 million of net written premiums and $145.7 million of net premiums earned by DaVinci Re during the first nine months of 2003, compared to $168.6 million of gross written premiums, $166.3 million of net written premiums and $100.1 million of net premiums earned by DaVinci Re for the first nine months of 2002.”
Topics Profit Loss
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