RenRe Report ‘Strong Financial Performance’
Bermuda-based RenaissanceRe Holdings Ltd reported net income available to RenaissanceRe common shareholders of $268.7 million, or $6.05 per diluted common share in the fourth quarter of 2013, compared to $41.7 million, or $0.87 per diluted common share in the fourth quarter of 2012.
Operating income available to RenaissanceRe common shareholders was $206.8 million, or $4.64 per diluted common share for the fourth quarter of 2013, compared to $31.0 million or $0.65, respectively, in the fourth quarter of 2012.
Kevin J. O’Donnell, CEO, commented: “I am pleased to report strong financial performance for the year, with $665.7 million of net income, a 19.4% operating ROE and 19.7% growth in tangible book value per common share plus the change in accumulated dividends.
“For the quarter, we generated net income of $268.7 million, an annualized operating ROE of 24.3% and an 8.1% increase in tangible book value per common share plus the change in accumulated dividends. Both the quarter and year were driven by strong underwriting and investment performance, while we continued to invest in our future.”
Mr. O’Donnell continued: “Although the most recent renewal was particularly competitive, our seasoned team was able to react quickly, access desirable business, and build an attractive portfolio of risks for our wholly owned and joint venture balance sheets.
“We enter 2014 with a strong balance sheet, some of the highest ratings in the industry, and a flexible operating platform from which to serve our clients and partners.”
OBA better look to IB being made very very comfortable here. Hotel employee/management relations is too volatile