30 October 2019Insurance

Premiums surge at RenaissanceRe in casualty and specialty

RenaissanceRe reported sharply higher third quarter premiums, and a sharp reduction in its combined ratio.

Gross premiums written rose 37.6% to $861.1 million, driven by an increase of $222.4 million in the casualty and specialty segment and an increase of $13 million in the property segment. The company suffered an underwriting loss of $3.4 million and a combined ratio of 100.4 percent in the third quarter of 2019, compared with an underwriting loss of $29 million and a combined ratio of 105.5 percent in the third quarter of 2018.

Net income rose to $36.7 million, from $32.7 million. The net negative impact from Hurricane Dorian and Typhoon Faxai (collectively, the “Q3 2019 Catastrophe Events”) on net income was $154.9 million. But the company had suffered similar losses in the third quarter of 2018, caused by events such as Typhoons Jebi, Mangkhut and Trami.

Kevin J. O’Donnell, president and chief executive of RenaissanceRe, said: “In an active period for the industry, we assisted our customers in managing the quarter’s catastrophic events while rapidly paying their claims. I am proud of our team’s hard work during the quarter and pleased to report positive net and operating income and growth in tangible book value per share plus accumulated dividends. Our value proposition lies in quantifying risk and absorbing large losses as they occur, contributing to the resilience of communities and building stronger relationships with our partners. As we look forward to 2020, these strong relationships combined with our differentiated strategy will provide us with many opportunities to continue delivering long-term value.”

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15 November 2019   Addition of RenRe comes as EMC departure expected January 1, 2020.
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16 October 2019   RenaissanceRe Holdings, a global provider of reinsurance and insurance, estimates that losses from third quarter 2019 catastrophe events will have a net negative impact of approximately $155 million on its third quarter 2019 results of operations.
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12 July 2019   Bermuda-based RenaissanceRe Holdings has promoted Matthew Neuber to succeed Aditya Dutt as its corporate treasurer.