RenRe reports improved net income of $36.7m
RenaissanceRe Holdings Ltd saw its profit rise to $36.7 million, or 83 cents per diluted common share, in the third-quarter.
That was up from $32.7 million, or 82 cents per share, a year ago.
The Bermudian-based company’s earnings were negatively impacted by $154.9 million of losses attributed to Hurricane Dorian and Typhoon Faxai.
Operating income was $13 million, or 29 cents per diluted common share, compared to $17.8 million, or 45 cents per share a year ago.
Kevin O’Donnell, president and chief executive officer, said: “In an active period for the industry, we assisted our customers in managing the quarter’s catastrophic events while rapidly paying their claims.
“I am proud of our team’s hard work during the quarter and pleased to report positive net and operating income and growth in tangible book value per share plus accumulated dividends.
“Our value proposition lies in quantifying risk and absorbing large losses as they occur, contributing to the resilience of communities and building stronger relationships with our partners. As we look forward to 2020, these strong relationships combined with our differentiated strategy will provide us with many opportunities to continue delivering long-term value.”
RenRe reported an annualised return on average common equity of 2.8 per cent and an annualised operating return on average common equity of 1 per cent in the third-quarter, compared to 3.1 per cent and 1.7 per cent, respectively, in the third-quarter of 2018.
While book value per common share increased 0.8 per cent, or 90 cents, to $120.07.
RenRe’s combined ratio for the quarter fell, year-on-year, from 105.5 per cent, to 100.4 per cent.
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