RenaissanceRe Reports Net Income Of $167.8M

May 5, 2015

Bermuda-based RenaissanceRe Holdings Ltd. today [May 5] reported net income available to RenaissanceRe common shareholders of $167.8 million, or $4.14 per diluted common share, in the first quarter of 2015, compared to $151.0 million, or $3.56, respectively, in the first quarter of 2014.

Operating income available to RenaissanceRe common shareholders was $126.1 million, or $3.10 per diluted common share, for the first quarter of 2015, compared to $136.1 million, or $3.20, respectively, in the first quarter of 2014.

The Company reported an annualized return on average common equity of 17.1% and an annualized operating return on average common equity of 12.9% in the first quarter of 2015, compared to 17.6% and 15.9%, respectively, in the first quarter of 2014.

Book value per common share increased $5.06, or 5.6%, in the first quarter of 2015 to $95.21, compared to a 2.5% increase in the first quarter of 2014. Tangible book value per common share plus accumulated dividends decreased 0.5% in the first quarter of 2015, compared to a 2.8% increase in the first quarter of 2014.

Kevin J. O’Donnell, CEO, commented, “We reported a solid first quarter, generating $167.8 million of net income and an annualized operating ROE of 12.9%. Our results were driven by strong underwriting profits and investment performance.”

Mr. O’Donnell continued, “This has been a milestone quarter for RenaissanceRe as we closed on the Platinum acquisition. The integration has gone smoothly and we have received a very positive reception from our clients and brokers. Our ability to offer a broad suite of products and flexible capital options is stronger than ever.”

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