RENRE’S INCOME FALLS 21% ON LOWER INVESTMENT GAINS

Bermudian re/insurer RenaissanceRe Holdings’ second-quarter net earnings fell 21% to $456.8m, as a $237m decline in realised and unrealised investment gains offset improved underwriting results. Operating income per share rose to $5.64 from $4.06 and beat analysts’ forecast of $4.85. The group’s combined ratio improved by 6.1 points to 72.4% as underwriting income grew 51% to $329m, driven by the property segment. Gross written premiums for the quarter grew 23% to $2.09bn owing to growth in general casualty, professional liability and other specialty lines. Kevin O’Donnell, RenRe’s president and chief executive, said: “We delivered a solid quarter for our shareholders, characterized 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.”