Two more Bermuda-based reinsurers followed the trend of lower net income as they reported first-quarter 2014 results this week.
Pembroke-Bermuda-based RenaissanceRe Holdings Ltd. registered first quarter net income of $151.0 million, down 20.1% from the first quarter of 2013, the company said in a statement Tuesday.
Revenue increased 3.0% to $343.6 million.
Net written premiums increased 3.1% to $450.3 million while net investment income dropped 9.8% to $38.9 million.
The company’s combined ratio deteriorated to 47.2% from 36.2% in the year-ago period.
RenRe CEO Kevin J. O’Donnell said the reinsurer “reported a solid first quarter” that was “driven by strong underwriting in each of our segments and good investment performance.” He added that “pressure on pricing persists, as abundant supply from many forms of capital continues to outstrip demand.”
Meanwhile, Hamilton, Bermuda-based Montpelier Re Holdings Ltd. reported first quarter net income of $89.9 million, down 2.4% from the first quarter of last year, the company said in a statement Thursday.
Net premiums written grew 4.9% to $237.1 million while net investment income dropped 21.3% to $12.9 million. The growth in net premiums was “primarily as a result of increased writings within our Montpelier at Lloyd’s and collateralized reinsurance segments,” the company said in its statement.
The company’s first quarter combined ratio improved to 50.4% from 62.4% in the year-ago period.
President and CEO Christopher Harris said Montpelier had an “excellent” quarter. “Each of our platforms delivered strong profitability as we continue to focus on executing our specialist underwriting approach,” he said in the statement.