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PEMBROKE, Bermuda - RenaissanceRe Holdings Ltd . (NYSE: NYSE:RNR) reported fourth quarter earnings that beat analyst expectations, while revenue fell short of estimates.
The reinsurance company posted adjusted earnings per share of $8.06, surpassing the consensus estimate of $6.49. However, revenue came in at $2.29 billion, below the $2.41 billion analysts were expecting.
RenaissanceRe’s fourth quarter was impacted by Hurricane Milton, which had a net negative impact of $270.5 million on net income available to common shareholders and added 13.9 percentage points to the combined ratio.
The company’s Property segment reported a combined ratio of 71.6%, including a 41.8 percentage point impact from Hurricane Milton. The Casualty and Specialty segment had a combined ratio of 103.7%.
"We delivered another strong year. Our primary metric -- growth in tangible book value per share plus change in accumulated dividends – was 26%," said Kevin J. O’Donnell, President and Chief Executive Officer.
For the full year 2024, RenaissanceRe reported a return on average common equity of 19.3% and an operating return on average common equity of 23.5%. The company’s book value per share grew 18.5% for the year.
RenaissanceRe repurchased $677.6 million of common shares in 2024, including $462.3 million in the fourth quarter.
The company’s stock price movement following the earnings release was not provided.
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