RenaissanceRe Report Net Loss Of $504.8M
Bermuda-based RenaissanceRe Holdings reported a net loss attributable to RenaissanceRe common shareholders of $504.8 million, or $12.75 per diluted common share, in the third quarter of 2017, compared to net income available to RenaissanceRecommon shareholders of $146.8 million, or $3.56 per diluted common share, in the third quarter of 2016.
Operating loss attributable to RenaissanceRe common shareholders was $546.9 million, or $13.81 per diluted common share, in the third quarter of 2017, compared to operating income available to RenaissanceRe common shareholders of $87.0 million, or $2.09 per diluted common share, in the third quarter of 2016.
Kevin J. O’Donnell, CEO, commented: “This was a quarter that reminded the market of the volatility inherent in our business. We were once again able to demonstrate the benefit of being a long-term, dependable partner to our customers, paying claims rapidly and providing value beyond price.
“We executed well on our strategy, protected our capital, and our results were within expectations. I am proud of our team, which worked hard assessing losses, paying claims and writing new business against a background of multiple complex events. Looking forward, I am excited about the future. Our balance sheets, and those we manage, are fully capitalized and we are prepared for the opportunities we anticipate at the January 1 renewal.”
