million or $1.41 per share, according to its results released yesterday.

And operating expenses blew out by 48 percent from $6.4 million in the first quarter last year to $9.5 million this year.

But RenaissanceRe Holding Ltd. announced it is to buy back another $25 million of its shares in open market transactions.

This follows the repurchase of $74 million of its shares under programmes announced in the past 15 months, including $25 million this quarter.

The latest results showed net operating income, excluding realised investment gains and losses, amounted to $30.5 million or $1.43 per share -- an 11.3 percent drop on first quarter results last year.

Book value per common share on March 31 this year was $28.99 per share compared to $28.28 at the close of the 1998 fiscal year.

Gross premiums written for the quarter were $155.1 million, including $17.1 million from Renaissance Re's US-based subsidiary Nobel Insurance Company which Renaissance Re bought in June last year for $63 million.

In 1998's first quarter, $119.1 million of gross premiums were written but this figure is not directly comparable to the latest results since it was before the Nobel takeover.

Net premiums written for the 1999's first quarter were $116.3 million compared with $112.5 million for 1998.

A statement from the company said because Nobel results were not included in results for the first quarter last year, consolidated revenues and expenses for the 1999 first quarter were not directly comparable.

Claims and claim adjustment expense incurred for the quarter were $15.27 million, or 27.1 percent of net premiums earned, compared to last year's figure of $7.9 million or 17.1 percent of net premiums earned.

A statement from RenaissanceRe said it was not expecting significant losses from events in April, including the massive hail storm in Australia.

RenaissanceRe president and CEO James Stanard said results of the company's core reinsurance operations were "solid'', producing an annualised operating return on equity of 20 percent.

"During the quarter our gross reinsurance written premiums were $133 million compared with $105 million for the same period in 1998,'' he said. "During the quarter our gross reinsurance written premiums were $133 million compared with $105 million for the same period in 1998.

"With this growth, we again find ourselves in a contrarian position versus many of our competitors. At the same time, we are increasing our spending on retrocession protection.

"Our superior modelling system, strong market position and active capital management have resulted in a string of market leading return on equities, now going into our seventh calendar year.''