RenaissanceRe’s profits nearly triple in 'strong' first quarter 2019 results

Bermuda-based RenaissanceRe enjoyed solid growth in the first quarter of 2019 with revenues increasing by over 380 percent. The reinsurer attributed this increase to improvements in the property, casualty and specialty segments, and certain  new transactions.

RenaissanceRe reported a net income of $273.7 million, compared with $56.7 million in the same period in 2018.

The reinsurer’s combined ratio in the first quarter was 72 percent, compared with 70 percent in the previous year.

The gross premiums written increased by $404.6 million year-on-year, or 34.9 percent, to $1.6 billion.

This was driven by an increase of $325.4 million in the property segment and an increase of $79.2 million in the casualty and specialty segment.

“Our strong first quarter was distinguished by solid profits, material growth and strategic advancement. We achieved an annualized operating return on average common equity of 13.3 percent and growth in tangible book value per common share plus accumulated dividends of 7.0 percent,” said Kevin O’Donnell, president and CEO.

“At the same time, we grew our business materially by leveraging into an improving rate environment. The purchase of Tokio Millennium Re advanced our strategy, and we have moved from planning to execution on what we are optimistic will be a quick and successful integration.”