A strong fourth quarter could not overcome the impact of weather-related large losses over the course of the year as Bermudian-based RenaissanceRe Holdings Ltd reported a net loss attributable to common shareholders of $1.1 billion for 2022 (2021: $73.4 million loss) .

RenRe reported Q4 net income of $448.1 million (2021: $210.9 million) and operating income of $322.2 million (2021: $213.7 million).

Investors reacted positively to the results, with the company’s shares up $10.47 or 5.22 per cent to $205.90 at 1.35pm Bermuda time.

RenRe’s quarterly earnings of $7.33 per share beat the Zacks consensus estimate of $6.58 per share and compared to earnings of $4.71 per share a year ago.

But the company said 2022 weather-related large losses had an $807.6 million net negative impact on net loss attributable to common shareholders in the year, and added 20 percentage points to the consolidated combined ratio, which finished at 97.7 per cent (2021: 102.1 per cent).

Kevin J O’Donnell, president and chief executive officer, said: “We finished the year with an excellent quarter, reporting an annualised operating return on average common equity of 29.6 per cent driven by strong underwriting results, significantly increased net investment income and stable management fees.

“For the full year, we delivered a 6.3 per cent operating return despite a net negative impact of $807.6 million from catastrophe losses.”

He added: “At the January renewal we demonstrated leadership and discipline, achieving the step change in rate and terms investors required, while providing the reinsurance capacity customers needed.

“We enter 2023 with expectations of continuing strong demand for our products, ample capital to meet this demand, and anticipation of one of the most successful years in our history.”

The fourth quarter combined ratio was 80.5 per cent (2021: 79.4 per cent)

Operating income for the full year was $315.6 million (2021: $81.6 million).

Book value per share stands at $104.65 (2021: $132.17).

Gross premiums written for the year were $9.2 billion (2021: $7.8 billion), while net premiums written grew by 21.2 per cent, driven by 41.6 per cent growth in casualty and specialty.

Net investment income for the year was $559.9 million (2021: $319.4 million).

Net investment income in Q4 was $211.2 million, 162.5 per cent growth compared to Q4 2021.

RenRe raised $1.4 billion of third-party capital in the Capital Partners business in 2022, with a further $402.9 million raised from third-party investors effective January 1.