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.”
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
Specialty Insurance Rates Soften Faster Than Expected, Hitting 2020 Price Levels: WTW 
New York State Has Budget Deal That Includes Auto Insurance Reforms: Gov. Hochul 
Most Are Overcharged for Property Insurance, Vanderbilt Study Says 
Florida, Louisiana Insurer Safepoint Reveals 97% Revenue Surge in IPO filing 
