RenaissanceRe Holdings has reported a net income of $81.77m, or $1.58 diluted earnings per share, for the fourth quarter of 2011, compared to $122.58m, or $2.23 diluted earnings per share, for the same period in 2010.
The total revenues for the fourth quarter of 2011 increased to $208.51m, compared to $187.09m for the same period in the prior year.
Operating income was $58m, compared to $189.1m for the same period in 2010.
Underwriting income decreased to $127.1m, compared to $152.2m for the same period in the last year.
The underwriting income was negatively impacted by $59.5m of underwriting losses from the Thailand floods, which occurred in the fourth quarter of 2011.
RenaissanceRe CEO Neill Currie said that for the full year, the company experienced a modest 1.8% decrease in tangible book value per share plus dividends in one of the most costly years in history for insured catastrophes.