Nat cat costs push RenaissanceRe into a loss in Q3
Bermuda-based re/insurer RenaissanceRe reported a net loss of $504.8 million for the third quarter of 2017 as the company had to absorb significant natural catatastrophe losses from hurricanes and earthquakes.
The results compare to a net income available to RenaissanceRe common shareholders of $146.8 million in the third quarter of 2016.
The third quarter 2017 results include a net negative impact from hurricanes Harvey, Irma and Maria, the Mexico City earthquake and certain losses associated with aggregate loss contracts of $615.1 million.
"This was a quarter that reminded the market of the volatility inherent in our business,” said CEO Kevin.
The property segment incurred an underwriting loss of $750.2 million and a combined ratio of 322.7 percent in the third quarter of 2017. This compares to generating underwriting income of $103.2 million and a combined ratio of 40.2 percent in the third quarter of 2016.
Overall, gross premiums written increased 48.8 percent year on year in the third quarter to $640.3 million. Included in gross premiums written was $169.8 million of reinstatement premiums written associated with the third quarter large loss events.
O'Donnell said: “We were once again able to demonstrate the benefit of being a long-term, dependable partner to our customers, paying claims rapidly and providing value beyond price. We executed well on our strategy, protected our capital, and our results were within expectations. I am proud of our team, which worked hard assessing losses, paying claims and writing new business against a background of multiple complex events. Looking forward, I am excited about the future. Our balance sheets, and those we manage, are fully capitalized and we are prepared for the opportunities we anticipate at the January 1 renewal."
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