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Member, Beacon International Group, Ltd.
PEMBROKE, Bermuda—RenRe has posted a net loss of $248 million for the first quarter of this year due largely to natural catastrophe claims, compared with net income of $165 million in the first quarter of last year.
Pembroke, Bermuda-based RenaissanceRe Holdings Ltd. said natural catastrophes during the first three months of the year resulted in the reinsurer and insurer recording an underwriting loss of $397.2 million and a combined ratio of 230%.
The loss was due primarily to the impact of floods in Queensland, Australia, the February earthquake in Christchurch, New Zealand, and the recent earthquake and tsunami in Japan.
This compares with a combined ratio of 67.4% for the first quarter of 2010.
RenRe said its loss from the Australian floods was $39.6 million, its loss from the New Zealand earthquake was $197.1 million and its loss from the Japanese earthquake and tsunami was $328.6 million.
Gross written premiums up
RenRe’s gross written premiums increased in the first quarter to $610.5 million, up from $516 million a year earlier.
RenRe said the increase was due in part to reinstatement premiums written after the large catastrophe losses as well as increased gross written premiums in the company’s Lloyd’s of London operations, most notably in syndicate 1458’s specialty business.
The company’s net investment income fell to $60.3 million in the first quarter of 2011 from $65.7 million in the first quarter of 2010.