Bermuda-based RenaissanceRe Holdings Ltd. (RenRe) announced that it expected third quarter earnings would exceed analysts’ expectations “with operating earnings in the range of $1.70 to $1.75 per share” for the period.
In the announcement RenRe said the increases were due “to the greater than 30% growth in managed catastrophe premium, which is expected to total approximately $375 million for 2000. This figure includes $8/0 million for the Top Layer Re and OPCat joint ventures managed by Renaissance, and $295 million written by the company itself.”
The news is a bright spot among the generally depressed earnings expectations of most global catastrophe reinsurers. RenRe also announced that it was “comfortable” with 2001 earnings estimates of between $7.00 and $7.30 per share, “assuming normal loss activity.”
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