What’s New: In Brief (February 18, 2009)

Paris Re saw its Jan.1 renewal premium drop by about 13% to US$583 million of premium written (based on constant exchange rates).
“The 2009 renewals brought about a turn in the market’s direction, with Paris Re continuing to focus on underwriting profitability,” the company notes. “With its positive balance sheet, its global access to markets, its well diversified portfolio and its capacity to capitalize on further rate improvements, the company is in an excellent position to benefit from a hardening market.”

RenaissanceRe Holdings Ltd. has reported a 2008 Q4 operating income of US$28.7 million available to common shareholders, compared to US$186.2 million in 2007 Q4.
Operating income excludes net realized losses on investments of US$83.9 million and net realized gains on investments of US$7.2 million in 2008 Q4 and 2007 Q4, respectively.
Gross premiums written for 2008 Q4 amounted to US$161.6 million, a US$39.4-million increase from 2007 Q4, driven by increases in the company’s reinsurance and individual risk segments.
The company generated US$205.7 million of underwriting income and had a combined ratio of 36.1% in 2008 Q4, compared to US$177.3 million of underwriting income and a combined ratio of 47.3% in 2007 Q4.