RenaissanceRe Holdings, a provider of reinsurance and insurance services, has reported that its net income available to common shareholders was $137.2 million or $2.05 per diluted common share for the first quarter, a decrease as compared to $190.8 million or $2.63 per diluted common share for the same quarter of 2007.
Operating income available to common shareholders for the quarter was $147.8 million, down from $186.7 million posted during the comparable quarter of 2007.
Net investment income for the period was $52.5 million, compared to $108 million for the same quarter in 2007 as a result of lower returns in the company’s investment portfolio.
The company has reported an annualized operating return on average common equity of 21.3% and an annualized return on average common equity of 19.7% in the first quarter of 2008, compared to 29.1% and 29.7%, respectively, in the same quarter of 2007.
Gross premiums written for the period declined to $527 million from $632.7 million for the corresponding quarter of 2007.
Neill Currie, CEO of RenaissanceRe, said: We remain disciplined in our underwriting given current market conditions, while continuing to build out our franchise and capabilities through strategic hires, additional modeling capabilities and strategic new investments. These initiatives further enhance our ability to react quickly and grow our portfolio when the right opportunities present themselves.