Log In

Reset Password

RenRe Q2 net nears half a billion dollars

First Prev 1 2 Next Last

Bermudian-based RenaissanceRe Holdings Ltd has reported net income available to common shareholders of $456.8 million in the second quarter of 2021.

The company reported this was down from $575.8 million in the same period in 2020. While the company’s underwriting performance improved, investment income, including realised and unrealised gains and losses, fell from $537 million to $272 million from a year earlier.

RenRe said operating income available to common shareholders was $278.1 million in the quarter, compared to $190 million a year earlier.

RenRe reported 23.1 per cent growth in gross premiums written, representing 38.1 per cent growth in the casualty and speciality segment and 13.5 per cent growth in the property segment.

The company had a 27.6 per cent annualised return on average common equity, and a 16.8 per cent annualised operating return on average common equity.

RenRe reported a 72.4 per cent combined ratio and a 48 per cent current accident year net claims and claim expense ratio.

The company repurchased $309 million of common shares in the second quarter for an aggregate of $480.7 million of common shares repurchased in the first half of 2021. It repurchased an additional $137.5 million of common shares from July 1-19.

RenRe reported continued growth in the Capital Partners business, primarily driven by capital raises in Upsilon RFO and Medici, with Medici’s capital surpassing $1 billion.

Kevin O’Donnell, president and chief executive officer, said: “We delivered a solid quarter for our shareholders, characterised by strong underwriting growth, high quality fee income and robust investment returns.

“Our casualty and speciality team extended its leadership by continuing to find opportunities to support our customers and our property segment deployed capital in attractive business at the midyear renewals.

“I am pleased with the continued execution of our strategy and resulting growth in tangible book value per share, and remain confident in our ability to provide superior shareholder returns over the long term.”

RenaissanceRe: reports second quarter results
Kevin O'Donnell, president and chief executive officer of RenRe

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

Published July 26, 2021 at 8:27 am (Updated July 26, 2021 at 8:27 am)

RenRe Q2 net nears half a billion dollars

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