RenaissanceRe Holdings Ltd. (RNR, Financial) filed Quarterly Report for the period ended 2009-06-30.
RENAISSANCERE Holdings Ltd. provides reinsurance and insurance coverage where the risk of natural catastrophe represents a significant component of the overall exposure. You\'ll find information on our web-site about Renaissance Re as well as all of our other subsidiary companies and the nature of their businesses. RenaissanceRe Holdings Ltd. has a market cap of $3.12 billion; its shares were traded at around $49.99 with a P/E ratio of 23.4 and P/S ratio of 2.5. The dividend yield of RenaissanceRe Holdings Ltd. stocks is 2%.
In the second quarter of 2009, we generated $213.6 million of underwriting income, compared to $175.2 million in the second quarter of 2008. The increase in underwriting income was driven primarily by a $47.4 decrease in net claims and claim expenses and partially offset by a $12.3 million increase in underwriting expenses. We generated a net claims and claim expense ratio of 17.6%, an underwriting expense ratio of 26.2% and a combined ratio of 43.8%, in the second quarter of 2009, compared to a net claims and claim expense ratio, an underwriting expense ratio and a combined ratio of 30.3%, 23.2% and 53.5%, respectively, in the second quarter of 2008.
Gross premiums written increased $47.6 million to $855.2 million in the second quarter of 2009, compared to $807.6 million in the second quarter of 2008. The Companys growth in catastrophe premiums principally reflects the execution of the Tim Re II joint venture, the continuation of attractive market conditions on a risk-adjusted basis in the Companys core markets, and the inception of several new programs and other organic growth of the Companys portfolio, partially offset by the impact on market demand of several large state catastrophe programs which purchased private market reinsurance in 2008 and prior periods, but have not done so to date in 2009. Included in the increase in gross premiums written are $41.8 million of premiums written on behalf of our new fully-collateralized joint venture, Tim Re II, which commenced operations on June 1, 2009. Of this amount, $34.8 million is ceded to external parties. The increase in gross premiums written in our catastrophe unit was partially offset by a decrease in gross premiums written in our Individual Risk segment, which decreased $16.1 million, or 5.1%, to $298.7 million in the second quarter of 2009, compared to $314.8 million in the second quarter of 2008. The decrease was primarily due to our decision in late 2008 to terminate several program manager relationships and a commercial property quota share contract and, during the second quarter of 2009, reduce our participation on a personal lines quota share contract. Our specialty reinsurance premiums decreased $26.5 million, to $(3.4) million in the second quarter of 2009, compared to $23.1 million in the second quarter of 2008. As discussed in more detail below, this decrease is primarily due to the non-renewal and portfolio transfer out of a catastrophe exposed homeowners personal lines property quota share contract.
Net premiums written increased $17.3 million in the second quarter of 2009 to $631.4 million from $614.0 million in the second quarter of 2008, primarily due to the increase in gross premiums written noted above and offset by a $30.2 million increase in ceded premiums written in the second quarter of 2009 compared to the second quarter of
2008. The $30.2 million increase in ceded premiums written was principally driven by the $34.8 million of ceded premiums written to third parties associated with Tim Re II. Net premiums earned increased $3.2 million to $379.8 million in the second quarter of 2009, compared to $376.6 million in the second quarter of 2008.
Net claims and claim expenses decreased by $47.4 million to $66.8 million in the second quarter of 2009, compared to $114.2 million in the same quarter of 2008 primarily due to favorable development on prior year reserves. We experienced $106.2 million of favorable development on prior year reserves in the second quarter of 2009, compared to $49.6 million of favorable development in the second quarter of 2008, primarily due to decreased net claims and claim expenses in our Reinsurance segment as a result of reductions in estimated ultimate losses on certain specific events within the catastrophe unit, including hurricanes Gustav and Ike (2008), the United Kingdom flooding (2007) and European windstorm Kyrill (2007), and within the Companys specialty unit, lower than expected claims emergence on the 2005 through 2008 underwriting years.
Read the The complete ReportRNR is in the portfolios of Arnold Schneider of Schneider Capital Management, Lee Ainslie of Maverick Capital, Richard Pzena of Pzena Investment Management LLC, John Griffin of Blue Ridge Capital, David Dreman of Dreman Value Management, David Dreman of Dreman Value Management, Chris Davis of Davis Selected Advisers.
RENAISSANCERE Holdings Ltd. provides reinsurance and insurance coverage where the risk of natural catastrophe represents a significant component of the overall exposure. You\'ll find information on our web-site about Renaissance Re as well as all of our other subsidiary companies and the nature of their businesses. RenaissanceRe Holdings Ltd. has a market cap of $3.12 billion; its shares were traded at around $49.99 with a P/E ratio of 23.4 and P/S ratio of 2.5. The dividend yield of RenaissanceRe Holdings Ltd. stocks is 2%.
Highlight of Business Operations:
Book value per common share increased $4.52 to $44.17 at June 30, 2009, compared to $39.65 at March 31, 2009. Book value per common share plus accumulated dividends increased $4.76 to $52.57 at June 30, 2009, compared to $47.81 at March 31, 2009. The 11.4% growth in book value per common share was driven by comprehensive income attributable to RenaissanceRe of $300.5 million for the second quarter of 2009, and partially offset by $15.0 million of common dividends declared and paid during the second quarter of 2009. Book value per common share was also impacted by prior period common share repurchases, including $352.6 million of common shares repurchased in the first six months of 2008, compared to no common share repurchases in the first six months of 2009. Common shares outstanding were 62.3 million at June 30, 2009 and March 31, 2009, respectively.In the second quarter of 2009, we generated $213.6 million of underwriting income, compared to $175.2 million in the second quarter of 2008. The increase in underwriting income was driven primarily by a $47.4 decrease in net claims and claim expenses and partially offset by a $12.3 million increase in underwriting expenses. We generated a net claims and claim expense ratio of 17.6%, an underwriting expense ratio of 26.2% and a combined ratio of 43.8%, in the second quarter of 2009, compared to a net claims and claim expense ratio, an underwriting expense ratio and a combined ratio of 30.3%, 23.2% and 53.5%, respectively, in the second quarter of 2008.
Gross premiums written increased $47.6 million to $855.2 million in the second quarter of 2009, compared to $807.6 million in the second quarter of 2008. The Companys growth in catastrophe premiums principally reflects the execution of the Tim Re II joint venture, the continuation of attractive market conditions on a risk-adjusted basis in the Companys core markets, and the inception of several new programs and other organic growth of the Companys portfolio, partially offset by the impact on market demand of several large state catastrophe programs which purchased private market reinsurance in 2008 and prior periods, but have not done so to date in 2009. Included in the increase in gross premiums written are $41.8 million of premiums written on behalf of our new fully-collateralized joint venture, Tim Re II, which commenced operations on June 1, 2009. Of this amount, $34.8 million is ceded to external parties. The increase in gross premiums written in our catastrophe unit was partially offset by a decrease in gross premiums written in our Individual Risk segment, which decreased $16.1 million, or 5.1%, to $298.7 million in the second quarter of 2009, compared to $314.8 million in the second quarter of 2008. The decrease was primarily due to our decision in late 2008 to terminate several program manager relationships and a commercial property quota share contract and, during the second quarter of 2009, reduce our participation on a personal lines quota share contract. Our specialty reinsurance premiums decreased $26.5 million, to $(3.4) million in the second quarter of 2009, compared to $23.1 million in the second quarter of 2008. As discussed in more detail below, this decrease is primarily due to the non-renewal and portfolio transfer out of a catastrophe exposed homeowners personal lines property quota share contract.
Net premiums written increased $17.3 million in the second quarter of 2009 to $631.4 million from $614.0 million in the second quarter of 2008, primarily due to the increase in gross premiums written noted above and offset by a $30.2 million increase in ceded premiums written in the second quarter of 2009 compared to the second quarter of
2008. The $30.2 million increase in ceded premiums written was principally driven by the $34.8 million of ceded premiums written to third parties associated with Tim Re II. Net premiums earned increased $3.2 million to $379.8 million in the second quarter of 2009, compared to $376.6 million in the second quarter of 2008.
Net claims and claim expenses decreased by $47.4 million to $66.8 million in the second quarter of 2009, compared to $114.2 million in the same quarter of 2008 primarily due to favorable development on prior year reserves. We experienced $106.2 million of favorable development on prior year reserves in the second quarter of 2009, compared to $49.6 million of favorable development in the second quarter of 2008, primarily due to decreased net claims and claim expenses in our Reinsurance segment as a result of reductions in estimated ultimate losses on certain specific events within the catastrophe unit, including hurricanes Gustav and Ike (2008), the United Kingdom flooding (2007) and European windstorm Kyrill (2007), and within the Companys specialty unit, lower than expected claims emergence on the 2005 through 2008 underwriting years.
Read the The complete ReportRNR is in the portfolios of Arnold Schneider of Schneider Capital Management, Lee Ainslie of Maverick Capital, Richard Pzena of Pzena Investment Management LLC, John Griffin of Blue Ridge Capital, David Dreman of Dreman Value Management, David Dreman of Dreman Value Management, Chris Davis of Davis Selected Advisers.
