Third Quarter Earnings Report: Renaissance Re

Renaissance Re:
Q3 2011 Q3 2010
Gross premiums written —- $139.94 mn $111.54mn
9 months — 2011 2010
$1.392 bn $1.134 bn
Net premiums earned —- $229.24 mn $212.35 mn
9 months – 2011 2010
$751.94 mn $675.18 mn
Net income ——————- $49.263 mn $204.75 mn
9 months (loss) 2011 2010
($174.006 mn) $580.038 mn
Net operating income ——- $63.057 mn $252.849 mn
9 months (loss) 2011 2010
($206.301 $711.752 mn
Q3 2011 Q3 2010
Net Investment gains* —— $16.983 mn $229.216 mn
9 months 2011 2010
$46.748 mn $210.593 mn
Net investment income (loss) —- ($27.94 mn) $59.57 mn
9 months 2011 2010
$69.67 mn $151.452 mn

Q3 Combined ratio: 63.7 percent (66.4 percent in Q3 2010);
Nine months: 140.5 percent (2010 52.3 percent)

*includes realized and unrealized gains

CEO Neill A. Currie commented: “Our insured catastrophe losses were relatively modest during the third quarter in a season that experienced a relatively large number of tropical storm formations. On the other hand, there was notable volatility in the capital markets which adversely impacted our investment results. We reported $49.3 million of net income, $32.7 million of operating income and a 1.0 percent increase in book value per share in the quarter.”

“We have been pleased to be there for our clients and brokers during this active year, paying valid claims with industry leading speed. During 2012, we will work closely with our clients to help them understand the effect of catastrophe modeling changes and the knowledge obtained from the recent events on their business,” he added.

The full report, as well as additional and supplemental information and instructions for accessing today’s earnings conference call may be obtained on the company’s website at: http://www.renre.com.

Topics Profit Loss