RenaissanceRe last night reported $80.4 million in third quarter net operating income available to common shareholders (excluding realised investment gains and losses), compared to $25.0 million in the third quarter of 2001.

Operating earnings per common share grew to $1.14 in the third quarter, from $0.41 per common share in the third quarter of the previous year.

Net income available to common shareholders rose to $88.2 million, or $1.26 per common share in the quarter, compared to $29.9 million or $0.49 per common share for the same quarter of 2001. The third quarter of 2001 reflects the impact of the events of September 11th, 2001.

James N. Stanard, chairman and CEO (pictured), said: "Gross premiums written for the first nine months of 2002 have more than doubled compared to 2001.

"Each of our four major business segments catastrophe reinsurance, specialty reinsurance, structured products, and individual risk are strong contributors to our 25 percent annualized operating return on equity in the third quarter.

"Moving forward, we will continue to focus on building shareholder value by aggressively pursuing growth opportunities while maintaining our commitment to disciplined underwriting in all our business."

For the nine months ended September 30, 2002, net operating income available to common shareholders (excluding realised gains and losses on investments and excluding the cumulative effect of a change in accounting principle) was $260.2 million or $3.71 per common share, compared to $99.7 million or $1.64 per common share for the same period in 2001.

Net income available to common shareholders for the nine months ended September 30, 2002 was $262.6 million or $3.75 per common share, compared to $115.2 million or $1.90 per common share for the same period in 2001.

Gross premiums written for the third quarter of 2002 increased by 129 percent to $282.6 million, compared to $123.6 million for the same quarter of 2001.

Net premiums written for the third quarter of 2002 were $192.7 million, versus $79.0 million for the same quarter of 2001.

Net premiums earned for the third quarter of 2002 were $191.3 million, compared to $79.9 million for the same quarter of 2001.

Those premiums include $38.5 million of gross written premiums, $36.2 million of net written premiums and $42.3 million of net premiums earned by the Company's consolidated joint venture, DaVinci Re during the third quarter of 2002. Gross premiums written for the nine months ended September 30, 2002 were $1.01 billion, compared to $443.8 million for the same period of 2001.

Net premiums written for the nine months ended September 30, 2002 were $770.3 million, compared to $293.2 million for the same period of 2001.

Net premiums earned for the first nine months of 2002 were $526.4 million, compared to $239.4 million for the same period of 2001. Those premiums include $168.6 million of gross written premiums, $166.3 million of net written premiums and $100.1 million of net premiums earned by DaVinci Re during the first nine months of 2002.

Total Managed Catastrophe Premiums Written, representing gross catastrophe premiums written by RenaissanceRe Holdings Ltd. and by related joint ventures, increased by 54 percent and were $165.9 million for the third quarter, compared to $107.4 million for the same quarter of 2001.

Total Managed Cat Premiums for the nine months ended September 30, 2002 increased by 64 percent to $681.1 million, from $414.7 million for the same period of 2001.

Net investment income, excluding realised and unrealised investment gains and losses, for the third quarter of 2002 increased to $26.1 million, compared to $18.7 million for the same period in 2001, primarily due to the growth in the Company's investment portfolio resulting from financings in the fourth quarter of 2001, and the Company's strong cash flows from operations.

Net investment income for the first nine months of 2002 was $75.2 million, compared to $54.9 million for the same period in 2001

Claims and claim expenses incurred for the quarter ended September 30, 2002 were $82.9 million, or 43.3 percent of net premiums earned. In comparison, claims and claim expenses incurred for the quarter ended September 30, 2001 were $47.0 million, or 58.8 percent of net premiums earned. Claims and claim expenses incurred for the nine months ended September 30, 2002 were $199.2 million or 37.8 percent of net premiums earned.

In comparison, claims and claim expenses incurred for the nine months ended September 30, 2001 were $121.2 million or 50.6 percent of net premiums earned.

The reduction in the loss ratio during 2002 resulted from the relatively low level of catastrophe losses during 2002 as compared to 2001. Also, the 2001 loss ratio includes losses related to the events of September 11th, 2001.

RenaissanceRe will host a conference call this morning at 9:30 a.m. (ET) to discuss this release and a live broadcast of the conference call will be available through the Investor Section of RenaissanceRe's website at www.renre.com.