RenaissanceRe has reported that it made a profit of $92.4 million for the first three months of 2017, a fall of 28 percent on the $128.4 million it made for the same period of 2016.
Operating income for the quarter came to $49 million, again down on the $66.3 million it made in the first three months of 2016.
Gross premiums written over the first three months of 2017 totalled $922.1 million, up $60 million, or 7 percent, on the same period of last year.
Gross premiums written in RenRe’s Property segment were $520.5 million in the first quarter of 2017, an increase of $75.6 million, or 17.0 percent, compared to $445.0 million in the first quarter of 2016.
According to RenRe during the first quarter of 2017 it was able to increase its participation on a select number of transactions and enter into certain new transactions it believes have comparably attractive risk-return attributes.
As a result, RenRe said it was able to grow its catastrophe and other property classes of business by $41.4 million and $34.2 million, respectively, compared to the first quarter of 2016, while continuing to exercise underwriting discipline given prevailing market terms and conditions.
“We remained disciplined during a successful first quarter renewal and constructed an attractive portfolio of risk,” said CEO Kevin O'Donnell. “Our first quarter results were impacted by an increase in our combined ratio with the Ogden rate change driving prior accident years and an increase in individual claims affecting the current accident year. We have the right strategy to navigate a challenging reinsurance market and we are well positioned to continue to build shareholder value over the long term.”
RenaissanceRe, First quarter 2017 results, Bermuda