Bermuda reinsurer RenaissanceRe Holdings Ltd last night reported net income of $142.3 million for the second quarter, driven by low catastrophe activity.CEO Neill Currie said pricing for June reinsurance contract renewals had been softer than the company had expected, and operating earnings fell short of analysts’ estimates.RenRe said operating income was $111.5 million, or $2.14 per share, compared to the $2.48 per share expectation of analysts polled by Yahoo Finance.Net income improved nearly six-fold from the $24.8 million reported in the same period last year, when claims from tornado damage in the US impacted results.The Class of ‘93 reinsurer reported an annualised return on average common equity of 17.5 percent. And the company saw book value per common share increase $2.39, or 3.8 percent, in the second quarter to $65.07.“Our results benefited from relatively low catastrophe losses, solid investment returns and favourable reserve development,” Mr Currie said.“Although property catastrophe pricing at June 1 was a little lower than we had anticipated, we are pleased with the results of the recent renewal season.“We have grown significantly in each unit this year, and have produced an attractive portfolio of risks.”RenRe’s combined ratio for the quarter — indicating the proportion of premium dollars spent on claims and expenses — was 47.7 percent, a large improvement on last year’s 95.5 percent.The reinsurance segment results benefited from $41.1 million of favourable development on prior year reserves. This was due to reductions in estimated ultimate losses on certain specific events occurring in prior accident years including the Tohoku earthquake ($10.6 million) and the 2011 Thailand floods ($3.9 million).Gross premiums written increased by $25.8 million, or four percent, to $667.3 million.Total investment income was $44.8 million, compared to $66.5 million in the same period of last year. The company said the decrease was primarily due to lower returns its private equity investments.RenRe bought back some 1.2 million common shares in open market transactions at an aggregate cost of $88 million and at an average share price of $74.69. During July, the company repurchased another 71,000 shares at a cost of $5.3 million.