RenRe braced for Q1 loss following Winter Storm Uri

RenaissanceRe Holdings expects to report a net loss attributable to common shareholders in the first quarter of 2021, with losses from Winter Storm Uri predicted to have a net negative impact of approximately $180 million.

Uri was a major wind and ice storm that impacted the US in February 2021, causing widespread damage, particularly in Texas.

Kevin O’Donnell, president and chief executive officer of RenaissanceRe, vowed to support customers in understanding and managing the impact of this US winter storm and to process claims rapidly. “We are in a strong capital position heading into the mid-year renewals and anticipate additional opportunities to write attractive risk,” he said.