28 October 2020News

RenaissanceRe reports significant YoY increase in profits for Q3 2020

RenaissanceRe Holdings has reported a significant year on year increase in its profitability for the third quarter of 2020, in what its president and chief executive Kevin O’Donnell described as “another active quarter [that] further confirms the critical role RenaissanceRe plays in helping communities rebuild.”

RenRe reported net profit of $47.8 million for Q3 2020, up significantly from the $36.7 million profit generated in Q3 2019.

RenRe reported gross written premiums of $1.14 billion for the quarter, compared to $861 million in the same period of the previous year. But its combined ratio ballooned to 120.6 percent for Q3 2020, from 100.4 percent in the same period of 2019.

O’Donnell said the Q3 results reflected the climate-change driven frequency of catastrophic events impacting the world, but said these are risks that the re/insurer understands well and is paid to take. “As we approach the January renewal, I am confident we will successfully execute our strategy and profitably deploy significant capital by helping our customers solve their biggest problems,” he added.