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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