RenaissanceRe’s net income fell to $907.7 million in the third quarter of this year compared to $1.17 billion during the same period last year, according to the Bermudian-based reinsurer’s latest financial statements.

The firm’s president and chief executive, Kevin O’Donnell, celebrated exceptional underwriting income results, noting that the figure jumped 96 per cent to $770.2 million.

The improved underwriting performance was reflected in the 68.4 per cent reported combined ratio for Q3, a notable strengthening from last year’s 84.8 per cent, supported by a benign quarter for catastrophe activity.

The adjusted combined ratio also improved, to 66.6 per cent from last year’s 82.4 per cent.

“We delivered exceptional results this quarter with growth in book value per common share and tangible book value per common share plus change in accumulated dividends of 9 per cent and 10.3 per cent, respectively,” Mr O’Donnell said. “This is a particularly strong result given that this includes the impact of the California wildfires in the first quarter.

“These outcomes reflect the consistent execution of our strategy, our disciplined underwriting approach and the resulting diversification of our income streams.”

The firm benefited from low catastrophe activity and continued outperformance in its three drivers of profit — underwriting, fee and net investment income, he said.

Operating income rose to $733.7 million from $540.3 million.

Looking ahead, Mr O’Donnell remained confident in the sustainability of RenaissanceRe’s strong earnings and their ability to generate consistent, superior returns and long-term value for shareholders.

• For the full Q3 earnings report, see Related Media

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