RenaissanceRe reports $679m underwriting loss

RenaissanceRe has reported a $450.2 million net loss attributable to shareholders for the third quarter of 2021. It confirms net losses from Hurricane Ida, Northwestern European floods and other events of $726.8m.

Overall, it reported an underwriting loss for the period of $678.8m.

The reinsurer has also seen growth in gross written premiums of $631.1 million, however, including $254.9m of reinstatement premiums associated with the Q3 weather-related large losses in its property segment. It also reports the repurchase of $223.8m of common shares in the third quarter, bringing the total for the first three quarters to $704.5 and an additional $75.3m from October 1 to October 21, 2021.

Kevin J O’Donnell, president and chief executive officer, said: “This was another active season for natural catastrophes, and while our results for the third quarter reflect this volatility, we have maintained a robust capital position and our business fundamentals remain strong.

“As we look forward to 2022, our fortress balance sheet provides us with great flexibility to create value for shareholders. We believe we will have ample capacity to renew existing risk and underwrite new opportunities if sufficiently profitable, but are equally motivated to return excess capital to shareholders at what we consider very attractive multiples.”