Printed from BusinessInsurance.com

RenaissanceRe posts profit in 2006

Posted On: Feb. 7, 2007 12:00 AM CST

PEMBROKE, Bermuda¬óRenaissanceRe Holdings Ltd. reported profits of $761.6 million for 2006, compared with a net loss of $281.4 million in 2005.

The Pembroke, Bermuda-based reinsurer's quarterly profits grew to $201.1 million, compared with a net loss of $210.4 million in the fourth quarter of 2005.

The 2005 results were affected by the string of hurricanes that struck the United States in that year.

As part of its earnings announcement, RenaissanceRe noted that the company "currently expects European windstorm Kyrill will have a net negative impact on its first quarter 2007 results of approximately $50 million."