The acquisition of Platinum Underwriters contributed to strong premium growth at Bermuda-based RenaissanceRe in the third quarter of 2015.
The reinsurer’s gross written premiums soared 83.9 percent to $369.6 million in the third quarter of 2015, compared with $201 million in the third quarter of 2014.
Its specialty reinsurance segment delivered premium growth of $145.5 million, an increase of 211.2 percent in the third quarter of 2015. This was primarily driven by increases across the company’s casualty and specialty credit lines of business, principally driven by the acquisition of Platinum Underwriters.
RenaissanceRe’s catastrophe reinsurance and Lloyd’s segments reported growth of $13.4 million, or 19.7 percent, and $9.7 million, or 15.2 percent, respectively, in the period.
Its profits hiked to $75.5 million in the third quarter of 2015, compared with $67.8 million in the third quarter of 2014.
However, its combined ratio deteriorated to 64.2 percent in the period, compared with 59.5 percent in the third quarter of 2014.
Kevin O'Donnell, chief executive officer of RenaissanceRe, said: "I am pleased to report $116.7 million of operating income, an annualised operating ROE of 10.7 percent and 1.3 percent growth in tangible book value per share plus accumulated dividends for the quarter.
“Our results benefited from the absence of land falling US hurricanes and favourable reserve development, offset in part by mark-to-market investment losses."
He added: "Our strategy of matching desirable risk with efficient capital within an integrated system continues to serve us well. We are a stronger company following the acquisition and integration of Platinum.
“We remain committed to generating superior returns for our shareholders and third party capital providers over the long term and look forward to meeting our customers’ needs during the upcoming renewal period."
RenaissanceRe, RenRe, Platinum Underwriters, Bermuda, Third Quarter 2015 Results