Bermuda-based RenaissanceRe Holdings Ltd. yesterday reported $113.2 million in net income for the third quarter, a 28.3 percent gain compared to the $88.2 million earned during the same period last year.

Net operating income for the period, which excludes realised investment gains of $1.2 million, came in at $112 million. In comparison, the company recorded $78 million in net operating income during the third quarter of last year.

In an earnings statement released last night, RenRe CEO James Stanard said: "We again delivered outstanding financial results in the third quarter. Our reinsurance segment performed in line with our expectations, and continued to deliver market leading returns on equity."

Looking at the company's property catastrophe business, Mr. Stanard said: "Managed cat premiums are roughly flat for the nine months, although quarterly premiums have fluctuated as large programmes move in and out of our portfolio."

Mr. Stanard added that the company's individual risk segment had seen solid growth: "Our individual risk segment generated premium growth of over 50 percent comparing the 2003 third quarter with the 2002 third quarter, excluding the benefit of $50 million of premium associated with the assumption of a portfolio of business in 2003. We continue to be very pleased with the strong performance of the individual risk segment, which includes primary insurance and quota share reinsurance."

Gross premiums written for the third quarter were $313.3 million compared to $282.6 million for the same quarter of 2002. Net premiums written for the third quarter of 2003 were $236.6 million versus $192.7 million for same period last year. Net premiums earned for the third quarter of 2003 were $277.4 million compared to $191.3 million in 2002.

Those premiums were reported as including $25.1 million of gross written premiums, $29.5 million of net written premiums and $49.9 million of net premiums earned by the company's post-9/11 joint venture, DaVinci Re.

Net investment income for the third quarter of 2003 increased to $28.3 million compared to $23.7 million for the same period in 2002.