RenaissanceRe Holdings posted a loss in what was a challenging quarter for the industry, but said it was confident it would meet the challenges and opportunities that await as the COVID-19 situation continues to evolve.
The re/insurer reported net loss of $82 million for Q1 2020. In the same period of 2019, RenRe earned a profit of $273.7 million.
However, RenRe saw gross written premiums increase by 29.5 percent year on year to $2 billion. This was driven by an increase of $273.3 million in the casualty and specialty segment and an increase of $188.1 million in the property segment, the re/insurer said.
Its combined ratio was 93 percent, up from 72 percent in Q1 2019.
Kevin O’Donnell, RenRe’s president and chief executive officer, said he was very proud of what employees had accomplished under the difficult circumstances presented in the quarter. “While our financial performance in the first quarter was negatively impacted by COVID-19, we are well capitalised, with ample liquidity, and our core franchise remains strong. I am confident that we are prepared to meet both the challenges as well as the opportunities of this evolving situation, and will continue delivering long-term value.”
RenaissanceRe Holdings, Kevin O’Donnell, Results