PEMBROKE, Bermuda—RenaissanceRe Holdings Ltd. reported Wednesday that it had $781.6 million in net income for the first nine months of 2009, up sharply from $63.3 million during the same period a year ago.
The Pembroke, Bermuda-based reinsurer also reported higher gross premiums written for the period of $1.65 billion compared with $1.57 billion during the same period a year ago.
RenaissanceRe said its combined ratio for the nine-month period fell to 47.6% from 92% a year earlier.
For the third quarter, RenaissanceRe posted net income of $306.8 million compared with a loss of $312.3 million in the third quarter of 2008.
Neill A. Currie, chief executive officer of RenaissanceRe, in a statement attributed the positive results to strong underwriting, better risk assessment, lack of insured catastrophes and improved investment markets.
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