Bermuda reinsurer RenaissanceRe Holdings Ltd last night reported net income of $180.7 million for the third quarter, driven by low catastrophe activity.CEO Neill Currie said the results were driven by strong underwriting profits and investment returns.Operating earnings however, fell short of analysts’ estimates.RenRe said operating income was $104.4 million, or $2.07 per share, compared to the $2.49 per share expectation of analysts polled by Yahoo Finance.Net income nearly quadrupled from the $49.3 million reported in the same period last year, when claims from Hurricane Irene damage in the US impacted results.The Class of ‘93 reinsurer reported an annualised return on average common equity of 22 percent. And the company saw book value per common share increase $3.13, or 4.8 percent, in the third quarter to $68.20.“As we report third quarter results today, our thoughts are primarily with the families, communities and businesses impacted by Sandy and the loss of life and widespread damage they face. We stand ready to do our part in supporting clients and partners as they assess their needs in the aftermath of this storm,” Mr Currie said.“RenaissanceRe had a strong third quarter with growth in tangible book value per share, adjusted for dividends, of 5.3 percent. Our net income and operating income were $180.7 million and $104.4 million, respectively, driven by strong underwriting profits and investment returns.“For the nine months ended September 30, 2012, we generated a 15.4 percent annualised operating return on equity and have grown our tangible book value per common share plus accumulated dividends, our principal measure of financial performance, by 16.6 percent.“We have experienced significant growth this year, deploying capital in an attractive property catastrophe market, which has resulted in an excellent portfolio of risks. This, combined with our access to multiple sources of capital and our experienced underwriting team, provides us with a strong platform from which to approach the January 1st renewal season.”RenRe’s combined ratio for the quarter — indicating the proportion of premium dollars spent on claims and expenses — was 53.3 percent, a large improvement on last year’s 63.7 percent.The reinsurance segment results benefited from $17.4 million of favourable development on prior year reserves. It also generated underwriting income of $134.2 million compared to $95.1 million in the third quarter of 2011 — primarily as a result of an $11.5 million decrease in net claims and claim expenses and a $22.3 million increase in net premiums earned.Gross premiums written decreased by $3.6 million, or 2.6 percent, to $136.4 million.