RenaissanceRe Reports Third Quarter Results
RenaissanceRe Holdings reported net income available to RenaissanceRe common shareholders of $47.8 million, or $0.94 per diluted common share, in the third quarter of 2020, compared to $36.7 million, or $0.83 per diluted common share, in the third quarter of 2019.
Operating loss attributable to RenaissanceRe common shareholders was $131.7 million, or $2.64 per diluted common share, in the third quarter of 2020, compared to operating income available to RenaissanceRe common shareholders of $32.7 million, or $0.73 per diluted common share, in the third quarter of 2019.
The Company reported an annualized return on average common equity of 2.8% and an annualized operating return on average common equity of negative 7.7% in the third quarter of 2020, compared to 2.8% and 2.5%, respectively, in the third quarter of 2019.
Book value per common share increased $0.86, or 0.6%, to $135.13 in the third quarter of 2020, compared to a 0.8% increase in the third quarter of 2019. Tangible book value per common share plus accumulated dividends increased $1.24, or 1.0%, to $151.33 in the third quarter of 2020, compared to a 1.1% increase in the third quarter of 2019.
Kevin J. O’Donnell, President and Chief Executive Officer of RenaissanceRe, commented: “Another active quarter further confirms the critical role RenaissanceRe plays in helping communities rebuild. Our results for the third quarter reflect the climate-change driven frequency of catastrophic events impacting the world, but these are risks that we understand well and are paid to take.
“As we approach the January renewal, I am confident we will successfully execute our strategy and profitably deploy significant capital by helping our customers solve their biggest problems.”
