RenaissanceRe Holdings Ltd. (RNR, Financial) filed Quarterly Report for the period ended 2010-09-30.
Renaissancere Holdings Ltd. has a market cap of $3.32 billion; its shares were traded at around $60.66 with a P/E ratio of 5.6 and P/S ratio of 2. The dividend yield of Renaissancere Holdings Ltd. stocks is 1.6%.RNR is in the portfolios of Todd Combs of Castle Point Capital Management, LLC, Richard Pzena of Pzena Investment Management LLC, Arnold Schneider of Schneider Capital Management, Pioneer Investments, Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, Chris Davis of Davis Selected Advisers.
Book value per common share increased $3.61 to $60.57 at September 30, 2010, compared to $56.96 at June 30, 2010. Book value per common share plus accumulated dividends increased $3.86 to $70.20 at September 30, 2010, compared to $66.34 at June 30, 2010. The 6.3% growth in book value per common share was driven by comprehensive income attributable to RenaissanceRe of $216.9 million for the third quarter of 2010, and partially offset by $13.6 million and $10.6 million of common and preferred dividends, respectively, declared and paid during the third quarter of 2010. Common shares outstanding were 54.9 million at each of September 30, 2010 and June 30, 2010.
In the third quarter of 2010, we generated $84.6 million of underwriting income, compared to $167.7 million in the third quarter of 2009. The decrease in underwriting income was driven primarily by an $87.1 million increase in net claims and claim expenses, as a result of the New Zealand earthquake which resulted in underwriting losses of $80.2 million in the third quarter of 2010 and impacted our third quarter of 2010 combined ratio by 26.9 percentage points, as shown in the table below. We generated a net claims and claim expense ratio of 40.6%, an underwriting expense ratio of 32.0% and a combined ratio of 72.6%, in the third quarter of 2010, compared to a net claims and claim expense ratio, an underwriting expense ratio and a combined ratio of 13.0%, 30.3% and 43.3%, respectively, in the third quarter of 2009.
Gross premiums written decreased $75.7 million to $126.7 million in the third quarter of 2010, compared to $202.4 million in the third quarter of 2009. Our catastrophe premiums decreased $19.0 million, or 17.7% in the third quarter of 2010, compared to the third quarter of 2009, principally reflecting the deterioration of attractive market conditions on a risk-adjusted basis in our core markets. Our specialty reinsurance premiums decreased $2.9 million, or 11.4% in the third quarter of 2010, compared to the third quarter of 2009, primarily due to reductions in several lines of business due to softening market conditions, as discussed in more detail below. Our Lloyds unit generated $8.8 million of premium in the third quarter of 2010, also reflecting the adverse impact of unattractive prevailing market conditions. Gross premiums written in our Insurance segment decreased $67.6 million in the third quarter of 2010, compared to the third quarter of 2009, primarily due to our crop insurance line of business as a result of the receipt of updated acreage reports for the 2010 crop year, combined with the overall softening market conditions in the Insurance segments commercial multi-line, commercial property and personal lines property lines of business.
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Renaissancere Holdings Ltd. has a market cap of $3.32 billion; its shares were traded at around $60.66 with a P/E ratio of 5.6 and P/S ratio of 2. The dividend yield of Renaissancere Holdings Ltd. stocks is 1.6%.RNR is in the portfolios of Todd Combs of Castle Point Capital Management, LLC, Richard Pzena of Pzena Investment Management LLC, Arnold Schneider of Schneider Capital Management, Pioneer Investments, Paul Tudor Jones of The Tudor Group, Chuck Royce of Royce& Associates, Bruce Kovner of Caxton Associates, Jeremy Grantham of GMO LLC, Chris Davis of Davis Selected Advisers.
Highlight of Business Operations:
Net income available to RenaissanceRe common shareholders was $204.8 million in the third quarter of 2010, compared to $258.6 million in the third quarter of 2009. Net income available to RenaissanceRe common shareholders per fully diluted common share was $3.70 for the third quarter of 2010, compared to $4.12 in the third quarter of 2009. The $53.9 million decrease in our net income available to RenaissanceRe common shareholders was primarily due to:Book value per common share increased $3.61 to $60.57 at September 30, 2010, compared to $56.96 at June 30, 2010. Book value per common share plus accumulated dividends increased $3.86 to $70.20 at September 30, 2010, compared to $66.34 at June 30, 2010. The 6.3% growth in book value per common share was driven by comprehensive income attributable to RenaissanceRe of $216.9 million for the third quarter of 2010, and partially offset by $13.6 million and $10.6 million of common and preferred dividends, respectively, declared and paid during the third quarter of 2010. Common shares outstanding were 54.9 million at each of September 30, 2010 and June 30, 2010.
In the third quarter of 2010, we generated $84.6 million of underwriting income, compared to $167.7 million in the third quarter of 2009. The decrease in underwriting income was driven primarily by an $87.1 million increase in net claims and claim expenses, as a result of the New Zealand earthquake which resulted in underwriting losses of $80.2 million in the third quarter of 2010 and impacted our third quarter of 2010 combined ratio by 26.9 percentage points, as shown in the table below. We generated a net claims and claim expense ratio of 40.6%, an underwriting expense ratio of 32.0% and a combined ratio of 72.6%, in the third quarter of 2010, compared to a net claims and claim expense ratio, an underwriting expense ratio and a combined ratio of 13.0%, 30.3% and 43.3%, respectively, in the third quarter of 2009.
Gross premiums written decreased $75.7 million to $126.7 million in the third quarter of 2010, compared to $202.4 million in the third quarter of 2009. Our catastrophe premiums decreased $19.0 million, or 17.7% in the third quarter of 2010, compared to the third quarter of 2009, principally reflecting the deterioration of attractive market conditions on a risk-adjusted basis in our core markets. Our specialty reinsurance premiums decreased $2.9 million, or 11.4% in the third quarter of 2010, compared to the third quarter of 2009, primarily due to reductions in several lines of business due to softening market conditions, as discussed in more detail below. Our Lloyds unit generated $8.8 million of premium in the third quarter of 2010, also reflecting the adverse impact of unattractive prevailing market conditions. Gross premiums written in our Insurance segment decreased $67.6 million in the third quarter of 2010, compared to the third quarter of 2009, primarily due to our crop insurance line of business as a result of the receipt of updated acreage reports for the 2010 crop year, combined with the overall softening market conditions in the Insurance segments commercial multi-line, commercial property and personal lines property lines of business.
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