RenaissanceRe reports higher net income despite catastrophe losses

RenaissanceRe has reported that its second quarter 2016 net income increased to $136.3 million from the $73.2 million it made in the same period of 2015.

Gross written premiums increased by 14.7 percent to $759.1 million in the 2016 period, compared with $662 million in 2015.

"I am pleased with the way our team executed in this competitive market. We were able to grow in select areas we found attractive and to deepen our relationships with key clients, while maintaining our underwriting discipline,” said Kevin O’Donnell, chief executive officer of Renaissance Re.

The company’s combined ratio decreased to 81.9 percent in the second quarter of 2016, compared with 75.2 percent in the same period, a year ago.

Included in net claims and claim expenses in the second quarter of 2016 was $32.8 million of net claims and claim expenses associated with a number of weather-related events in Texas and $28.1 million associated with the wildfire originating near Fort McMurray, Canada.