PEMBROKE, Bermuda—RenaissanceRe Holdings Ltd. reported net income of $375 million for the first half of 2010, up 2% from the prior-year period, and also said it has sold its stake in ChannelRe Holdings Ltd.

RenaissanceRe said Tuesday that its net premiums written for the first half of the year fell 10% to $968 million. Investment income, meanwhile, fell 39% to $95 million during the first half.

RenaissanceRe posted a combined ratio of 54% for the first half of this year vs. 49.4% during the prior-year period.

In addition, the Pembroke, Bermuda-based reinsurer said Tuesday that it sold its entire stake in financial guarantee reinsurer ChannelRe for $15.8 million but did not disclose the buyer.

RenaissanceRe expects to record a $15.8 million third-quarter gain related to the July sale of its ownership stake in ChannelRe, the company said in a statement. In addition, RenaissanceRe has “no contractual obligations to provide capital or other financial support to ChannelRe,” the company said.

Bermuda-based ChannelRe was set up in 2004 exclusively to reinsure bond insurer MBIA Inc. and RenaissanceRe initially owned 33% of the firm. In 2008, RennaissanceRe said it reduced its investment to a “carrying value of zero” after MBIA suffered huge losses resulting from the subprime mortgage crisis, according to financial statements.