RenRe reports $47.8m profit – The Royal Gazette | Bermuda News, Business, Sports, Events, & Community

Log In

Reset Password
BERMUDA | RSS

RenRe reports $47.8m profit

Mail

Print

Tweet

Kevin O'Donnell, CEO of RenaissanceRe

RenaissanceRe Holdings Ltd has reported a profit of $47.8 million, or 94 cents per diluted common share, in the third quarter. This is up from $36.7 million, or 83 cents per share, for the same period a year ago.

It had an operating loss was $131.7 million, compared to operating income of $32.7 million, in the third quarter of 2019.

Hurricane Laura, Hurricane Sally, and wildfires in California, Oregon and Washington had a $321.7 million negative impact.

Kevin O’Donnell, president and chief executive officer of Bermudian-based RenRe, said: “Another active quarter further confirms the critical role RenaissanceRe plays in helping communities rebuild. Our results for the third quarter reflect the climate-change driven frequency of catastrophic events impacting the world, but these are risks that we understand well and are paid to take.

“As we approach the January renewal, I am confident we will successfully execute our strategy and profitably deploy significant capital by helping our customers solve their biggest problems.”

The company reported an annualised return on average common equity of 2.8 per cent and an annualised operating return on average common equity of negative 7.7 per cent in the third quarter of 2020, compared to 2.8 per cent and 2.5 per cent, respectively, a year ago.

RenRe’s gross premiums written increased by $282 million, or 32.7 per cent, to $1.1 billion, year-on-year for the third quarter. This was driven by an increase of $168.6 million in the casualty and specialty segment, and an increase of $113.4 million in the property segment.

There was an underwriting loss of $206.1 million and a combined ratio of 120.6 per cent in the quarter, which compared to an underwriting loss of $3.4 million and a combined ratio of 100.4 per cent a year ago.

However, RenRe had a total investment result of $307.8 million, generating an annualised total investment return of 6.2 per cent.

RenRe’s book value per common share increased 86 cents, or 0.6 per cent, to $135.13.

Mail

Print

Tweet

You must be registered or signed-in to post comment or to vote.

Published October 27, 2020 at 10:07 pm (Updated October 27, 2020 at 10:07 pm)

RenRe reports $47.8m profit

What you
Need to
Know
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