RENRE’S INCOME FALLS 25% TO 69.4M IN HIGHER INCURRED LOSSES

Bermudian insurer and reinsurer RenaissanceRe Holdings saw fourth-quarter net earnings drop 25% to $69.4m, as incurred losses rose 21% to $123.9m, fueled by $60.1m in losses from hurricane Matthew. With earned premiums falling 2.7% to $351.9m (reflecting a decline in the casualty and specialty segment), the combined ratio added 9.2 points to 70.5%. Underwriting income for the quarter fell to $103.9m from $140m. For all of 2016, RenRe’s net income grew 17.6% to $480.6m, reflecting a swing to $141.3m in realised and unrealised gains from losses of $68.9m. Underwriting income fell to $385.5m from $494.6m, as earned premiums were essentially unchanged at $1.40bn and incurred losses rose 18.4% to $530.8m. The combined ratio for the year added 7.8 points to 72.5%