First quarter results from Bermuda’s RenaissanceRe Holdings and the Everest Re Group confirmed the much anticipated upturn in reinsurance rates. RenRe posted a 21 percent increase in net operating income to $37.3 million, while Everest announced a 22.9 percent increase in after-tax operating income to $53.4 million.
RenRe’s gross premiums topped $198 million, and CEO James Stanard was obviously pleased, stating, “Strong performance during January renewals produced excellent top-line growth and enabled us to record a fourth consecutive quarter of record earnings per share and outpace the industry, once again by achieving a 20.7% operating return on equity.”
Everest’s CEO Joseph V. Taranto was equally happy with his company’s gross premiums of $425.2 million, a 39.8 percent increase for the quarter. “Our efforts to capitalize on the improving insurance and reinsurance markets, coupled with the full effects of our restructuring and acquisitions from last year, have generated solid gains in premiums and income. Our ROE now stands at 14%, which puts our returns in the upper tier in out industry,” Taranto stated.
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