RenaissanceRe Report Net Income Of $32.7M
Bermuda-based RenaissanceRe - which will be buying Tokio Millennium Re — reported net income available to RenaissanceRe common shareholders of $32.7 million, or $0.82 per diluted common share, in the third quarter of 2018, compared to 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.
Operating income available to RenaissanceRe common shareholders was $20.6 million, or $0.52 per diluted common share, in the third quarter of 2018, compared to an operating loss attributable to RenaissanceRe common shareholders of $544.2 million, or $13.74 per diluted common share, in the third quarter of 2017.
Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “Once again this quarter, our industry experienced multiple large catastrophic events around the world.
“It is a strong testament to our strategy that we were able to support our customers by promptly paying their claims while still recording positive net and operating income, as well as growth in tangible book value per share plus accumulated dividends.
“Our track record of sourcing large, one of a kind opportunities to provide bespoke solutions to key customers remains unparalleled in the industry. We remain confident in our strategy and our ability to deliver long-term shareholder value.”
