Bermuda,-based RenaissanceRe Holdings Ltd. reported net income available to common shareholders of $210.2 million or $3.66 per diluted common share in the second quarter of 2010, compared to net income available to common shareholders of $271.2 million or $4.32 per diluted common share for the second quarter of 2009.
Operating income, which excludes capital gains/losses, available to common shareholders was $139.9 million or $2.40 per diluted common share in the second quarter of 2010, compared to operating income available to common shareholders of $254.1 million or $4.05 per diluted common share for the second quarter of 2009.
The Company reported an annualized return on average common equity of 26.8 percent and an annualized operating return on average common equity of 17.9 percent in the second quarter of 2010, compared to 41.5 percent and 38.9 percent, respectively, in the second quarter of 2009.
Book value per common share increased $3.10, to $56.96 at June 30, 2010, a 5.8 percent increase in the second quarter of 2010, compared to an 11.4 percent increase in the second quarter of 2009.
Gross premiums written by RenRe and its subsidiaries during the second quarter decreased to $841.5 million, compared to $856.2 million in the same period of 2009. However, RenRe posted an exceptional combined ratio of 42.3 percent, compared to 43.8 percent in Q2, 2009.
CEO Neill A. Currie commented: “I am pleased to report another good quarter with an annualized operating return on average common equity of 18 percent and growth in book value per share of almost 6 percent. We generated strong underwriting profits, had a successful June 1st renewal season, and have underwritten an attractive portfolio of risks. We actively managed our capital during the quarter and remain committed to generating superior returns for our shareholders.”
“Our ability to produce an attractive portfolio of business in this market is a testament to our position as a market leader with strong client and broker relationships. We will continue to maintain our strong underwriting discipline in this market while also continuing to focus on risk management and laying the foundation for future opportunities and long-term performance.”
The full report as well as details on accessing the Group’s earnings conference call to be held today, July 28 at 8:30 a.m. EDT may be obtained on its web site at: www.renre.com .
Topics Profit Loss
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