RenaissanceRe posts mixed Q4 results amid impact from Hurricane Milton

Published 28/01/2025, 22:52
RenaissanceRe posts mixed Q4 results amid impact from Hurricane Milton

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.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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