RenaissanceRe reports 'solid quarter' with strong top-line growth
Bermuda-based RenaissanceRe enjoyed a “solid quarter” driven by rate improvements and growth in both its property and casualty and specialty segments.
RenRe saw its net profit for the second quarter of 2021 decline slightly to $456.8 million, from $575.8 million in Q2 2020.
However, GWP for the group increased to $2.09 billion in Q2 2021, up from $1.7 billion in the same period the previous year. Its combined ratio fell to 72.4 percent for the quarter, from 78.5 percent the previous year.
The property segment saw GWP increase by 13.5 percent to $1.18 billion, while in the casualty and specialty segment it increased by 38.1 percent to $910.6 million. The combined ratio for the property segment fell by 15.3 points to 43.8 percent, while in the casualty and specialty business it increased by one point to 97.8 percent.
Kevin O’Donnell (pictured), president and chief executive officer at RenaissanceRe, said: “We delivered a solid quarter for our shareholders, characterised by strong underwriting growth, high quality fee income and robust investment returns. Our casualty and specialty team extended its leadership by continuing to find opportunities to support our customers and our property segment deployed capital in attractive business at the mid-year renewals.
"I am pleased with the continued execution of our strategy and resulting growth in tangible book value per share, and remain confident in our ability to provide superior shareholder returns over the long term.”
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