RenRe reports $83.9m loss
RenaissanceRe Holdings Ltd. recorded a net loss of $83.9 million, or $2.10 per diluted common share, in the fourth quarter of 2018.
That compared to a net loss a of $3.5 million, or nine cents, in the same quarter in 2017.
Operating income available to RenaissanceRe common shareholders was $1.2 million, or two cents per diluted common share.
Kevin O’Donnell, president and chief executive officer, said: “In the quarter, we reported positive operating income, while rapidly paying claims to customers facing significant losses from Category 4 Hurricane Michael and a second consecutive year of record-breaking wildfires in California.
“For the year, we outperformed on multiple metrics, posting a strong operating ROE, delivering robust top-line growth, and executing effectively on a number of key initiatives, including the formation of our latest innovative joint venture, Vermeer and our pending acquisition of Tokio Millennium Re.
“Looking ahead, at the recent January 1 renewal we laid the foundation for a successful 2019 and ongoing shareholder value creation.”
The company reported an annualised return on average common equity of negative 7.8 per cent and an annualised operating return on average common equity of positive 0.1 per cent in the fourth quarter.
Book value per common share decreased $1.08, or 1 per cent, to $104.13. Tangible book value per common share plus accumulated dividends decreased 40 cents, or 0.4 per cent, to $117.17.