RenaissanceRe Holdings Ltd. (RNR, Financial) filed Quarterly Report for the period ended 2009-09-30.
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 $3.41 billion; its shares were traded at around $54.64 with a P/E ratio of 14.8 and P/S ratio of 2.7. The dividend yield of Renaissancere Holdings Ltd. stocks is 1.7%.
In the third quarter of 2009, we generated $167.7 million of underwriting income, compared to an underwriting loss of $240.5 million in the third quarter of 2008. The increase in underwriting income was driven primarily by a $496.8 million decrease in net claims and claim expenses, as a result of a comparably low level of insured catastrophes occurring in the third quarter of 2009, specifically the comparative impact of hurricanes Gustav and Ike which resulted in underwriting losses of $419.6 million in the third quarter of 2008, as discussed in more detail below. We generated a net claims and claim expense ratio of 13.0%, an underwriting expense ratio of 30.3% and a combined ratio of 43.3%, in the third quarter of 2009, compared to a net claims and claim expense ratio, an underwriting expense ratio and a combined ratio of 141.1%, 22.3% and 163.4%, respectively, in the third quarter of 2008.
Gross premiums written decreased $37.4 million to $202.4 million in the third quarter of 2009, compared to $239.8 million in the third quarter of 2008. Gross premiums written for the third quarter of 2008 include $49.0 million of reinstatement premiums written as a result of the net claims and claim expense from hurricanes Gustav and Ike. Excluding reinstatement premiums written in the third quarter of 2008, gross premiums written would have been up $11.6 million. The Companys catastrophe premiums, excluding the impact of reinstatement premiums, increased $15.1 million in the third quarter of 2009, compared to the third quarter of 2008, principally reflecting the continuation of attractive market conditions on a risk-adjusted basis in the Companys core markets, and the inception of a new program and other organic growth of the Companys portfolio. Our specialty reinsurance premiums decreased $3.0 million, to $25.2 million in the third quarter of 2009, compared to $28.2 million in the third 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. Gross premiums written in our Individual Risk segment decreased $0.3 million to $83.3 million in the third quarter of 2009, compared to $83.7 million in the third quarter of 2008.
Net premiums written decreased $119.3 million in the third quarter of 2009 to $75.1 million from $194.4 million in the third quarter of 2008, primarily due to the decrease in gross premiums written noted above and combined with an $81.9 million increase in ceded premiums written in the third quarter of 2009 compared to the third quarter of 2008 as a result of the addition of several new reinsurance contracts purchased in our catastrophe unit as well as an increase in ceded premiums written within our Individual Risk segment related to our multi-peril crop insurance line of business. Net premiums earned decreased $83.3 million to $296.0 million in the third quarter of 2009, compared
Net claims and claim expenses decreased by $496.8 million to $38.6 million in the third quarter of 2009, compared to $535.3 million in the third quarter of 2008 primarily due to the comparably low level of insured catastrophes in the third quarter of 2009, compared to the third quarter of 2008, specifically the comparative impact of events such as hurricanes Gustav and Ike, which occurred in the third quarter of 2008 and resulted in $458.8 million of net claims and claim expenses in our Reinsurance and Individual Risk segments in that quarter.
The 8.0 percentage point increase in our underwriting expense ratio to 30.3% in the third quarter of 2009, compared to 22.3% in the third quarter of 2008, was principally driven by an increase in operational expenses of $15.2 million. The increase in operational expenses was primarily as a result of an increase in our employee base which has increased compensation and related operating expenses, and partially offset by a $10.0 million decrease in acquisition expenses, primarily as a result of higher profit commissions on ceded premiums earned, on lower net premiums earned which have decreased $83.3 million to $296.0 million in the third quarter of 2009, compared to $379.3 million in the third quarter of 2008.
Read the The complete ReportRNR is in the portfolios of Richard Perry of Perry Capital, Lee Ainslie of Maverick Capital, Richard Pzena of Pzena Investment Management LLC, Arnold Schneider of Schneider Capital Management, John Griffin of Blue Ridge Capital, 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 $3.41 billion; its shares were traded at around $54.64 with a P/E ratio of 14.8 and P/S ratio of 2.7. The dividend yield of Renaissancere Holdings Ltd. stocks is 1.7%.
Highlight of Business Operations:
Book value per common share increased $5.04 to $49.21 at September 30, 2009, compared to $44.17 at June 30, 2009. Book value per common share plus accumulated dividends increased $5.28 to $57.85 at September 30, 2009, compared to $52.57 at June 30, 2009. The 11.4% growth in book value per common share was driven by comprehensive income attributable to RenaissanceRe of $335.5 million for the third quarter of 2009, and partially offset by $15.0 million of common dividends declared and paid during the third quarter of 2009. Common shares outstanding were 62.4 million and 62.3 million at September 30, 2009 and June 30, 2009, respectively.In the third quarter of 2009, we generated $167.7 million of underwriting income, compared to an underwriting loss of $240.5 million in the third quarter of 2008. The increase in underwriting income was driven primarily by a $496.8 million decrease in net claims and claim expenses, as a result of a comparably low level of insured catastrophes occurring in the third quarter of 2009, specifically the comparative impact of hurricanes Gustav and Ike which resulted in underwriting losses of $419.6 million in the third quarter of 2008, as discussed in more detail below. We generated a net claims and claim expense ratio of 13.0%, an underwriting expense ratio of 30.3% and a combined ratio of 43.3%, in the third quarter of 2009, compared to a net claims and claim expense ratio, an underwriting expense ratio and a combined ratio of 141.1%, 22.3% and 163.4%, respectively, in the third quarter of 2008.
Gross premiums written decreased $37.4 million to $202.4 million in the third quarter of 2009, compared to $239.8 million in the third quarter of 2008. Gross premiums written for the third quarter of 2008 include $49.0 million of reinstatement premiums written as a result of the net claims and claim expense from hurricanes Gustav and Ike. Excluding reinstatement premiums written in the third quarter of 2008, gross premiums written would have been up $11.6 million. The Companys catastrophe premiums, excluding the impact of reinstatement premiums, increased $15.1 million in the third quarter of 2009, compared to the third quarter of 2008, principally reflecting the continuation of attractive market conditions on a risk-adjusted basis in the Companys core markets, and the inception of a new program and other organic growth of the Companys portfolio. Our specialty reinsurance premiums decreased $3.0 million, to $25.2 million in the third quarter of 2009, compared to $28.2 million in the third 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. Gross premiums written in our Individual Risk segment decreased $0.3 million to $83.3 million in the third quarter of 2009, compared to $83.7 million in the third quarter of 2008.
Net premiums written decreased $119.3 million in the third quarter of 2009 to $75.1 million from $194.4 million in the third quarter of 2008, primarily due to the decrease in gross premiums written noted above and combined with an $81.9 million increase in ceded premiums written in the third quarter of 2009 compared to the third quarter of 2008 as a result of the addition of several new reinsurance contracts purchased in our catastrophe unit as well as an increase in ceded premiums written within our Individual Risk segment related to our multi-peril crop insurance line of business. Net premiums earned decreased $83.3 million to $296.0 million in the third quarter of 2009, compared
Net claims and claim expenses decreased by $496.8 million to $38.6 million in the third quarter of 2009, compared to $535.3 million in the third quarter of 2008 primarily due to the comparably low level of insured catastrophes in the third quarter of 2009, compared to the third quarter of 2008, specifically the comparative impact of events such as hurricanes Gustav and Ike, which occurred in the third quarter of 2008 and resulted in $458.8 million of net claims and claim expenses in our Reinsurance and Individual Risk segments in that quarter.
The 8.0 percentage point increase in our underwriting expense ratio to 30.3% in the third quarter of 2009, compared to 22.3% in the third quarter of 2008, was principally driven by an increase in operational expenses of $15.2 million. The increase in operational expenses was primarily as a result of an increase in our employee base which has increased compensation and related operating expenses, and partially offset by a $10.0 million decrease in acquisition expenses, primarily as a result of higher profit commissions on ceded premiums earned, on lower net premiums earned which have decreased $83.3 million to $296.0 million in the third quarter of 2009, compared to $379.3 million in the third quarter of 2008.
Read the The complete ReportRNR is in the portfolios of Richard Perry of Perry Capital, Lee Ainslie of Maverick Capital, Richard Pzena of Pzena Investment Management LLC, Arnold Schneider of Schneider Capital Management, John Griffin of Blue Ridge Capital, David Dreman of Dreman Value Management, Chris Davis of Davis Selected Advisers.
