Bermuda reinsurer RenaissanceRe Holdings Ltd last night reported net income of $41.7 million for the fourth quarter — more than $40 million less than the $81.8 million the company reported for the same period of 2011.For the year 2012 overall however, the company reported a net income of $566 million — far stronger than the $92.2 million net loss the company posted for the whole of 2011.The Class of ‘93 reinsurer beat analysts’ estimates for the fourth quarter of last year, reporting an operating income of $31 million, or $0.65 per diluted common share, easily beating the $0.30 per share estimate of the five analysts polled by Yahoo Finance. Operating income in the same period of 2011 was $58 million or $1.11 per diluted common share.Like many other Bermuda re/insurers, RenRe felt the affects of Superstorm Sandy, which slammed into the Northeastern coast of the US in October. The company’s combined ratio for the fourth quarter — indicating the proportion of premium dollars spent on claims and expenses — was 98.5 percent, far worst than the 36.2 percent the company reported in the fourth quarter of 2011.The company says the combined ratio, and underwriting income of $4.3 million, compared to $127.1 million in the fourth quarter of 2011, was largely driven by Superstorm Sandy, which negatively impacted the company’s underwriting results and added more than 60 percentage points to its combined ratio.RenRe CEO Neill Currie said he’s still pleased with the company’s results despite the negative impact from Sandy.“For the year, we generated $566 million of net income, a 12.6 percent operating ROE and 17 percent growth in tangible book value per share excluding dividends.”“Our performance in 2012 reflected the value of our ‘Three Superiors’ — superior customer relationships, superior risk selection and superior capital management,” Mr Currie added. “As we enter our 20th year of operation, we remain focused on perpetuating these strengths along with the discipline that has served our clients, joint venture partners and shareholders so well over the long-term.”For the last three months of 2012, RenRe reported an annualised return on average common equity of 5.2 percent and an annualised operating return on average common equity of 3.9 percent, compared to 10.8 percent and 7.7 percent, respectively, in the fourth quarter of 2011.The company’s book value per common share decreased $0.06, or 0.1 percent, in the fourth quarter of 2012 to $68.14, compared to a 2.4 percent increase in the fourth quarter of 2011.Tangible book value per common share plus accumulated dividends increased $0.20, or 0.3 percent, in the fourth quarter of 2012 to $79.28, compared to a 3.1 percent increase in the fourth quarter of 2011.