RenaissanceRe reports $92.4m profit – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password

RenaissanceRe reports $92.4m profit

Bermudian-based reinsurance and insurance firm RenaissanceRe has posted profits of $92.4 million for the first quarter of the year.

The figure, equal to $2.25 per common share, is down $35.6 million on the first quarter of last year.

Kevin O'Donnell, CEO of RenRe, said: “We remained disciplined during a successful first quarter renewal and constructed an attractive portfolio of risk.”

He added: “Our first quarter results were impacted by an increase in our combined ratio with the Ogden rate change driving prior accident years and an increase in individual claims affecting the current accident year.”

But Mr O'Donnell said: “We have the right strategy to navigate a challenging reinsurance market and we are well positioned to continue to build shareholder value over the long term.”

Gross premiums for the period increased by $60 million or seven per cent to $922.1 million over the period compared to the first quarter of last year.

Total investment result was a gain of $97.7 million for the quarter, a annualised total investment return of 4.1 per cent.

Underwriting income amounted to $42.4 million, which included net adverse development on prior accident years of $33.5 million, attributed to the UK change in the Ogden rate.

Kevin O'Donnell, CEO of RenRe

You must be Registered or to post comment or to vote.

Published May 03, 2017 at 9:00 am (Updated May 02, 2017 at 9:23 pm)

RenaissanceRe reports $92.4m profit

What you
Need to
1. For a smooth experience with our commenting system we recommend that you use Internet Explorer 10 or higher, Firefox or Chrome Browsers. Additionally please clear both your browser's cache and cookies - How do I clear my cache and cookies?
2. Please respect the use of this community forum and its users.
3. Any poster that insults, threatens or verbally abuses another member, uses defamatory language, or deliberately disrupts discussions will be banned.
4. Users who violate the Terms of Service or any commenting rules will be banned.
5. Please stay on topic. "Trolling" to incite emotional responses and disrupt conversations will be deleted.
6. To understand further what is and isn't allowed and the actions we may take, please read our Terms of Service
7. To report breaches of the Terms of Service use the flag icon