RenRe reports year on year increase in profit for Q2

RenaissanceRe has reported net profit of $575.8 million for the second quarter of 2020, up from $367.9 million in Q2 2019.

Gross written premiums came in at $1.7 billion for the quarter, a year on year increase of $225 million. RenRe said this was driven by increases of $203.3 million in the property segment and $21.6 million in the casualty and specialty segment.

RenRe reported a combined ratio of 78.5 percent for Q2 2020, down from 81.3 percent in the same period of the previous year.

Kevin O’Donnell, president and chief executive officer of RenRe, said: “We demonstrated market leadership in both our property and casualty and specialty segments, constructing a larger and more efficient portfolio through disciplined and focused underwriting.”

He admitted that COVID-19 remained an unprecedented economic and societal challenge, but expressed confidence in the business. “We feel confident with our portfolio and raised over $1 billion of new common equity in anticipation of future opportunities that we believe will deliver long-term value for our shareholders,” he said.