RenaissanceRe Reports Strong Q3 2024 Earnings

Renaissancere ( (RNR) ) has released its Q3 earnings. Here is a breakdown of the information Renaissancere presented to its investors.

RenaissanceRe Holdings Ltd., a global provider of reinsurance and insurance, specializes in property, casualty, and specialty reinsurance, offering solutions to customers through intermediaries worldwide. The company reported strong financial performance for the third quarter of 2024, with net income available to common shareholders at $1.2 billion and operating income at $540.3 million. The company achieved an annualized return on average common equity of 47.1% and an operating return of 21.7%. The combined ratio stood at 84.8%, despite a net negative impact of $243.2 million from large loss events. RenaissanceRe’s fee income rose by 27.1% from the previous year, while net investment income increased by 28.8%, demonstrating robust growth across its financial metrics. The company also reported significant mark-to-market gains driven by its fixed maturity portfolio and investments in TWFG. Additionally, RenaissanceRe repurchased $106.8 million of common shares during the quarter. Looking forward, the company anticipates a net negative impact of $275 million from Hurricane Milton in the fourth quarter of 2024. Despite challenges from catastrophe events, RenaissanceRe remains optimistic about its capital and liquidity position, aiming to deliver consistent, superior returns to shareholders through ongoing strategic growth and share repurchases.