RenRe reports significant year on year increase in its Q4 profits
RenaissanceRe drove up its profitability in 2020, with its fourth quarter numbers in particular increasing significantly on the profits reported in 2019.
The re/insurer reported net profit of $731.5 million for the full year 2020, compared to $712.0 million for 2019.
For Q4 2020 it reported net profit of $189.8 million, compared to $33.8 million in Q4 2019.
Gross written premiums were $5.8 billion for the full year 2020, up from $4.8 billion the previous year. In Q4 20220, meanwhile, gross written premiums increased by 3.3 percent to $935.5 million compared to the same period in 2019. This was driven by an increase of $63.3 million in the property segment, partially offset by a decrease of $33.3 million in the casualty and specialty segments.
For the full year 2020 its combined ratio was 101.9 percent, compared to 92.3 percent in 2019. For Q4 2020 the combined ratio was 114.7 percent, up from 106.7 percent in the same period the previous year.
Kevin O’Donnell, RenaissanceRe’s president and chief executive officer, said 2021 looks like an attractive reinsurance market. “The book of business that we wrote at the January 1 renewal is larger and more efficient, with increased expected profitability, and we anticipate further opportunities to improve it over the course of the year,” he said.