RenaissanceRe Holdings saw healthy increases in its net profits for the year, while also turning a quarterly loss at the end of 2018 into a profit in Q4 2019.
The re/insurer reported net profit of $712 million for 2019, up from $197.3 million in 2018. For Q4 2019 it generated profits of $33.8 million, compared to a net loss of $83.9 million in the same period of 2018.
Gross written premiums written for the year were $4.8 billion, up from $3.3 billion in 2018, driven by increases of $670.1 million in the property segment and $827.3 million in the casualty and specialty segment. For Q4 gross written premiums were $905.5 million, again seeing a healthy year on year increase, from $547.7 million.
For the full year 2019 its combined ratio was 92.3 percent, up from 87.6 percent in 2018. For Q4 the combined ratio fell to a healthier 106.7 percent, having been 114.3 percent in Q4 2018.
Kevin O’Donnell, president and chief executive officer of RenaissanceRe, noted the re/insurer had materially grown tangible book value per share and accumulated dividends and earned a robust operating return on equity.
“We successfully executed our strategy by organically growing our business while efficiently integrating Tokio Millennium Re,” he said.
RenaissanceRe, Kevin O’Donnell, Results