Thu, Jul 25, 8:45 PM (44 days ago)
RenaissanceRe Holdings Ltd. reported significant financial results for Q2 2024. The company achieved a net income of $495.0 million, a substantial increase from $191.0 million in Q2 2023, driven by strong underwriting performance and investment income. The Property segment generated $451.7 million in underwriting income, with a combined ratio of 53.9%, while the Casualty and Specialty segment earned $27.6 million with a combined ratio of 98.2%. Gross premiums written rose by 29.2% to $3.4 billion, primarily due to the Validus Acquisition and organic growth. The total investment result improved significantly, with net investment income increasing by $118.2 million. The company also faced a net negative impact of $50.9 million from Q2 2024 Large Loss Events. The overall combined ratio was 81.1%, slightly higher than 80.3% in Q2 2023. Book value per share increased to $179.87, reflecting a 5.5% growth after dividends.