27 July 2016 News

RenaissanceRe doubles net income YOY in Q2

RenaissanceRe Holdings reported higher net income even though catastrophe losses impacted the combined ratio.

Net income available to RenaissanceRe common shareholders was $136.3 million in the second quarter, compared to $73.2 million in the same period a year ago.

Gross premiums written increased 14.7 percent year-over-year in the second quarter of 2016 to $759.1 million.

Chief executive officer, Kevin O'Donnell, said: "I am pleased with the way our team executed in this competitive market. We were able to grow in select areas we found attractive and to deepen our relationships with key clients, while maintaining our underwriting discipline.”

The company’s combined ratio deteriorated to 81.9 percent in the second quarter of 2016, compared 75.2 percent in the same period a year ago.

The increase in the combined ratio was primarily driven by growth in net claims and claim expenses and underwriting expenses.

Included in net claims and claim expenses in the second quarter of 2016 was $32.8 million of net claims and claim expenses associated with a number of weather-related events in Texas and $28.1 million associated with the wildfire originating near Fort McMurray, Alberta, in Canada

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