Trading begins today on the New York Stock Exchange of the common shares of Bermuda-based RenaissanceRe Holdings Ltd. (RNR), as the property catastrophe reinsurer and insurer reported second quarter income to June 30 at $39.3 million.

The quarterly earnings, down 5.3 percent from the same period in 1995, brings the half year results to $78.5 million, just off the 1995 six month results of $80.6 million.

Second quarter gross premiums written were down from $40 million to $39 million while net premiums earned were $62 million (1995: $70.3 million). For the six month period, gross premiums written declined eight percent to $179.6 million, while net premiums earned were down almost ten percent to $123.7 million.

Chairman president and CEO, James Stanard, commented: "During the six months of 1996, prices declined in the global property catastrophe reinsurance market, and, in response to this trend, we have declined to participate on certain programmes that did not meet our underwriting criteria.

"We intend to sacrifice premium growth, if necessary, to maintain our focus on the quality of our portfolio of reinsurance contracts and return on equity.

"We are seeing many opportunities to provide customised coverages for current reinsurance clients who are exploring creative solutions to reduce their exposure to catastrophe claims in peak areas.'' Net investment income for the second quarter was $10.3 million (1995: $7.4 million), bringing the six month total to $20.3 million (1995: $14.4 million).

The improved investment picture was as a result of higher average invested assets, which resulted primarily from cash provided by operations.

Claims and claim adjustment expenses for the quarter were $19.3 million or 31.2 percent of net premiums earned and included the provision of $7 million for claims incurred by regional midwestern clients related to the severe wind and hail storms during the quarter.

For the six month period, claims and claim adjustment expenses were $46.3 million or 33.8 percent of net premiums earned.

Over the six month period. shareholders' equity rose from $18.99 to $21.34 per share.

During the second quarter the company sold minority common share interests in Glencoe Insurance Ltd. to strategic investors, Underwriters Reinsurance Company (20 percent) of Woodland Hills, California and, Dames and Moore, Inc.

subsidiary, Dames and Moore Ventures (9.9 percent), a leading engineering and consulting firm. RNR retained a 70.1 percent interest in Glencoe.

The California Department of Insurance licenced Glencoe on July 5 to underwrite commercial property insurance. Glencoe will provide catastrophe exposed coverage to primary insureds in California and in other markets.