RenaissanceRe Reports First Quarter Results
RenaissanceRe Holdings reports $364.8 million of net income available to common shareholders and $636.4 million of operating income available to common shareholders in Q1 2024.
A spokesperson said, “RenaissanceRe Holdings Ltd. today announced its financial results for the first quarter of 2024.
Kevin J. O’Donnell, President and Chief Executive Officer, said, “We are pleased to deliver another exceptional quarter, characterized by strong profitability, substantial growth and persistent tailwinds behind our Three Drivers of Profit. The successful renewal of the RenaissanceRe and Validus portfolio is deepening our partnerships with our customers while broadening our access to attractive risk. This combined underwriting portfolio, along with growing fee and net investment income, should continue to drive significant value for our shareholders.”
Acquisition of Validus
“On November 1, 2023, the Company completed its acquisition [the “Validus Acquisition”] of Validus Holdings, Ltd. [“Validus Holdings”], Validus Specialty, LLC [“Validus Specialty”] and the renewal rights, records and customer relationships of the assumed treaty reinsurance business of Talbot Underwriting Limited from subsidiaries of American International Group, Inc. Validus Holdings, Validus Specialty, and their respective subsidiaries collectively are referred to herein as “Validus.”
“The first quarter of 2024 was the first full quarter that reflected the results of Validus. As such, the results of operations for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, should be viewed in that context. In addition, the results of operations for three months ended March 31, 2024 may not be reflective of the ongoing business of the combined entities.”
