RenaissanceRe reports 3Q loss of $327 million

RenaissanceRe Holdings Ltd. (NYSE: RNR) today reported a net operating third-quarter loss of $327.3 million as a result of the 2005 hurricane season.
In addition, the company projected a $250-million to $300-million net negative impact in the fourth quarter as a result of Hurricane Wilma losses.
In a press release, RenaissanceRe CEO Neill A. Currie said: “As is typical in the aftermath of large catastrophe events, we expect additional business opportunities to emerge, and I believe we have a superior underwriting talent base and risk management system to capture these opportunities. Assuming normal catastrophe losses, we envision an attractive return on equity in 2006.”
The company reports a net negative impact of $572.6 million from hurricanes Dennis, Katrina and Rita. The net negative impact from the third-quarter hurricanes impacted the company’s reinsurance segment by $481.9 million and its individual risk segment by $90.7 million. These amounts are based on management’s estimates following a review of the company’s potential exposures and discussions with counterparties.
The company reported gross premiums written for the third quarter of 2005 were $382.8 million, compared to $273.2 million for the same quarter of 2004. Gross premiums written include $214.5 million in gross premiums written for the company’s reinsurance segment in the third quarter of 2005, compared to $132.2 million for the same quarter of 2004. Also, the company reported $168.3 million in gross premiums written for the company’s individual risk segment in the third quarter of 2005, compared to $141 million for the same quarter of 2004.