With little catastrophe activity and significant business growth, Bermuda reinsurer Renaissance Re reported close to $87 million - a nearly $50 million jump - in first quarter operating income over the same period last year.

The company said first quarter operating earnings, which excludes realised investment gains and losses, rose to $86.6 million compared to $37.3 million in the first quarter of 2001.

RenRe CEO James Stanard said: "Our record first quarter demonstrates the earnings power of our business in a period with low catastrophe losses.

"In addition, we achieved outstanding success - reflected by substantial revenue growth - across all our key business activities: catastrophe reinsurance, specialty reinsurance and catastrophe exposed commercial insurance. Lower than usual first quarter loss activity, together with projected increases in 2002 premiums, lead us to be comfortable with estimates of $12 to $12.50 for 2002 operating earnings per share (EPS)."

Operating earnings per common share grew to $3.72 in the first quarter from $1.84 per common share in the same period last year.

Meanwhile, net income took a 94 percent jump to $87.3 million, or $3.75 per common share last quarter, up from $44.9 million or $2.22 per common share for the same period in 2001.

Looking at business written, RenRe reported strong business volume with premiums from catastrophe business moving up 73 percent at $370.4 million for the first quarter, compared to $214.7 million for the same quarter of 2001.

And gross written premiums for the first quarter increased by 133 percent to $460.8 million, compared to $198.2 million for the same quarter in 2001.

Net premiums written for the first quarter of 2002 were $379.1 million, in contrast to $121.2 million for the same quarter of 2001.

Net premiums earned for the first quarter of 2002 were $150.3 million, compared to $83.9 million for the same quarter of 2001. Those premiums include $95.3 million of gross written premiums, $95.3 million of net written premiums and $23.6 million of net premiums earned by the company's post-September 11 reinsurer, DaVinci Re.

Premiums also include $34.9 million assumed from taking on all business from OPCat Ltd., after its parent Overseas Partners Ltd. announced it was going in to run off and would exit the reinsurance business.