RenRe poised for renewal after Q3 profit boost
Bermuda-based RenaissanceRe is poised that it will be able to profitably deploy "significant capital" at the upcoming January renewal, as the reinsurer reported an increase in its profitability for the third quarter of 2020.
RenRe reported net profit of $47.8 million, in what its president and chief executive Kevin O’Donnell described as “another active quarter [that] further confirms the critical role RenaissanceRe plays in helping communities rebuild”. This was significantly from the $36.7 million profit generated in Q3 2019.
Gross written premiums rose to $1.14 billion for the quarter, compared with $861 million in the same period of the previous year.
However, its combined ratio jumped to 120.6 percent for Q3 2020, from 100.4 percent in the same period of 2019.
O’Donnell highlighted that the Q3 results reflected the climate-change driven frequency of catastrophic events impacting the world, but said these are risks that the re/insurer understands well and is paid to take.
“As we approach the January renewal, I am confident we will successfully execute our strategy and profitably deploy significant capital by helping our customers solve their biggest problems,” he added.
