RenaissanceRe Holdings has delivered strong results in the second quarter of 2019, with premiums and net income markedly higher than in the same period last year.
The reinsurer saw its gross written premiums increase by $499.6 million in the second quarter of 2019, to $1.5 billion.
This represented a 51.1 percent increase over the same period in 2018. The increase was driven by an increase of $286.6 million in the property segment, and of $213.0 million in the casualty and specialty segment.
RenRe reported net income available to RenaissanceRe common shareholders of $367.9 million, or $8.35 per diluted common share, for the quarter. In the same period of 2018 the company delivered net income of $191.8 million, or $4.78 per diluted common share.
Its combined ratio was 81.3 percent in Q2 2019, compared to 47.2 percent in Q2 2018. In the property segment specifically its combined ratio was 64.3 percent, while in casualty and specialty it was 96.1 percent.
Kevin O’Donnell, president and chief executive officer of RenaissanceRe, said he was pleased with the company’s performance in this period. “This strong performance was due to the diligent execution of our differentiated strategy, resulting in solid profits, material growth and improved operational efficiency,” he said.
“The portfolio of risks we have constructed is larger, more diverse and increasingly efficient, and poised to drive superior long-term returns for our shareholders,” he added.
The company said that the results had been boosted by the completion of acquisitions at the beginning of the year, with the newly integrated businesses contributing to results for the first time. In March RenRe completed its acquisition of Tokio Millennium Re, now known as RenaissanceRe Europe, and of Tokio Millennium Re UK, now known as RenaissanceRe UK, as well as their subsidiaries.
Renaissance Re, Kevin O’Donnell