Bermuda-based reinsurer RenaissanceRe Holdings Ltd. yesterday said it expects fourth quarter earnings to beat analysts' estimates due to increased earned premium and limited catastrophes during the quarter.

It also raised its outlook for 2003, citing strong results from the January 1 reinsurance renewals.

The company said that it sees fourth quarter earnings of $1.45 to $1.50 per share. Analysts expect earnings of $1.08 per share within a range of $1.02 to $1.25 per share, according to Thomson First Call.

It expects 2003 profits to be concentrated in the first quarter, and more than 15 percent growth in its consolidated written premium in 2003 from 2002.

RenaissanceRe chief executive officer James N. Stanard said: “We are very pleased with the performance of our reinsurance unit during the critical January 1 renewal season.

“Although the broad market was competitive, RenRe was able to achieve preferred signings.

“Because of strong client relationships, our underwriters achieved remarkable success in initiating and participating in private transactions that were not available to the general market.

“In view of our strong performance in the January renewal season, we have raised our 2003 operating earnings per share projections to a range between $5.30 and $5.70, assuming normal loss experience.”

Analysts currently see 2003 earnings of $5.05 per share according to First Call.

The company said in a statement that growth in catastrophe reinsurance premium will be greater than 20 percent.

Growth in specialty reinsurance premium will be greater than 90 percent, compared with the first quarter of 2002.

For the fourth quarter of 2002, the company said it expects to report operating earnings per share between $1.45 and $1.50.

That represents annual operating earnings per share of $5.17 to $5.22 for 2002.