RenaissanceRe Report Net Loss Of $83.9M
RenaissanceRe Holdings reported a net loss attributable to RenaissanceRe common shareholders of $83.9 million, or $2.10 per diluted common share, in the fourth quarter of 2018, compared to a net loss attributable to RenaissanceRe common shareholders of $3.5 million, or $0.09 per diluted common share, in the fourth quarter of 2017.
Operating income available to RenaissanceRe common shareholders was $1.2 million, or $0.02 per diluted common share, in the fourth quarter of 2018, compared to operating income available to RenaissanceRe common shareholders of $41.4 million, or $1.05 per diluted common share, in the fourth quarter of 2017.
Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “Once again in 2018, we benefited from our industry leading ability to construct efficient portfolios of risk through superior underwriting and the application of our gross-to-net strategy.
“In the quarter, we reported positive operating income, while rapidly paying claims to customers facing significant losses from Category 4 Hurricane Michael and a second consecutive year of record breaking wildfires in California.
“For the year, we outperformed on multiple metrics, posting a strong operating ROE, delivering robust top line growth, and executing effectively on a number of key initiatives, including the formation of our latest innovative joint venture, Vermeer and our pending acquisition of Tokio Millennium Re. Looking ahead, at the recent January 1 renewal we laid the foundation for a successful 2019 and ongoing shareholder value creation.”
