Bermudian-based reinsurer RenaissanceRe reported operating income of $14.6 million in 2020 despite the dramatic negative impact of weather-related losses and Covid-19 on results.

The company reported an operating loss of $77.1 million for the fourth quarter of the year despite strong investment gains of $340.5 million.

Net income for the full year was $731.5 million, or $15.31 per common share, compared to $712 million, or $16.29 per share. in 2019.

Kevin O’Donnell, president and chief executive officer of RenRe, said: “We begin 2021 looking forward and fully focused on executing our strategy into an attractive reinsurance market. The book of business that we wrote at the January 1 renewal is larger and more efficient, with increased expected profitability, and we anticipate further opportunities to improve it over the course of the year.

“While 2020 brought many challenges, I am particularly proud of the accomplishments of our employees and the continuity of our culture during a difficult year marked by record-breaking weather events and the stresses of the Covid-19 pandemic.”

For the full year, RenRe reported an overall underwriting loss of $76.5 million and a combined ratio of 101.9 per cent.

The company had underwriting income of $256.4 million and a combined ratio of 92.3 per cent in 2019.

RenRe reported that gross premiums written increased by $1 billion in 2020 to $5.8 billion, an increase of 20.8 per cent compared to 2019.

The total investment result for the year was a gain of $1.2 billion.

The company said its underwriting result in 2020 was principally impacted by weather-related large loss events and Covid-19 losses.

Weather-related large loss events resulted in a net negative impact on the underwriting result of $668.5 million.

RenRe said Covid-19 losses resulted in a net negative impact on the underwriting result of $351.9 million.

In the fourth quarter, the company had an underwriting loss of $151.7 million and a combined ratio of 114.7 per cent.

The company said the underwriting result in the fourth quarter was principally impacted by weather-related large losses and Covid-19 losses, both of which were primarily in the property segment.