RenaissanceRe report loss of $92 million for 2011

RenaissanceRe has reported a net loss of $92 million for 2011, in comparison with net income of $702.6 million for the previous year.

This is despite gross written premiums increasing in 2011 by 23.1 percent to $1,435 million.

The company’s chief executive Neill Currie said that he was pleased to report growth in tangible book value per share plus dividends of over 3 percent in the fourth quarter, despite losses from the floods in Thailand.

“For the full year, we experienced a modest 1.8 percent decrease in tangible book value per share plus dividends in one of the most costly years in history for insured catastrophes,” he said.

Currie also said that RenaissanceRe had supported their clients by paying valid claims with ‘industry-leading speed and providing much needed capacity’.