Renaissance Re reports large increases all round for the year 2000.

"Two-thousand was another outstanding year for RenaissanceRe,'' said Jim Stanard, the company's chairman, president and chief executive officer, in his introduction to the annual report.

"Two-thousand was a very light year for property catastrophes, so anyone writing `cat' business could look good, although we looked very good. Our defining accomplishment this year was that the growth in our managed cat premium to $397 million has made us the world's largest writer of treaty cat excess business,'' he said.

Operating income, which excludes realised gains and losses on investments, for the year ended December 31 2000 was $134.4 million, compared with $120.0 million the previous year. Operating earnings per common share for the year was $6.86, compared with $5.82 for 1999.

The company puts the increase in operating income down primarily to increased fee income from its joint ventures, Top Layer Re and OPCat, and to an increase in investment income due to increased yields and an increase in the size of the investment portfolio.

Gross premiums written were up 23.2 percent to $433.00 million from $351.3 million the previous year. Of the total $382,816 million were reinsurance premiums and $50,186 million primary insurance. Reinsurance premiums were up on 1999 while primary premiums were down.

By geographic region the reinsurance premiums written were: US and Caribbean $145,871 million; worldwide $98,923 million; worldwide excluding US $60,382 million; Europe $22,071 million; Australia and New Zealand $8,280 million; other $9,559 million; noncat reinsurance $37,730 million.

Claims and claim expenses for the year were $108.6 million, which is 40.6 percent of net premiums earned. The previous year they were $77.1 million, or 34.9 percent of net premiums earned. Acquisition costs and operational expenses were $76.5 million for the year, compared with $62.3 million in 1999.

Net investment income for the year was $77.9 million, compared with $60.3 million in 1999. For the year net realised losses on sales of investments were $7.1 million, compared with $15.7 million in 1999.

The report said, "Our results depend to a large extent on the frequency and severity of catastrophic events and the coverage offered to clients impacted by these events. In addition from time to time we may consider opportunistic diversification into new ventures, either through organic growth or the acquisition of other companies or books of business.

"In evaluating such new ventures we seek an attractive return on equity, the ability to develop or capitalise on a competitive advantage and opportunities that will not detract from our core reinsurance operations.''