RenaissanceRe Holdings has reported revenues of $396.7m in the fourth quarter of 2009, compared to $149.9m for the same period last year.
The operating income available to common shareholders increased to $177.7m, compared to $28.7m in the same period last year. It excludes net realized and unrealized gains on fixed maturity investments of $35.4m and net other-than-temporary impairments of $1.3m in the fourth quarter of 2009 and net realized losses on fixed maturity investments of $17.6m and net impairments of $66.3m in the same period last year.
For the quarter ended December 31,2009, the company posted a net income attributable to common shareholders of $211.8m, compared to a loss of $55.2m in the same period a year ago.
For fully year 2009, the company reported revenues of $1.67bn, compared to $1.23bn for 2008. The operating income was $768.2m, compared to $193m while the Net income was $838.9m, compared to a loss of $13.3m for 2008.
Neill Currie, CEO of RenaissanceRe Holdings, said: I am pleased to report strong full year earnings, resulting in an increase in our tangible book value per common share plus the change in accumulated dividends of 38%. These earnings are a result of a relatively low level of insured catastrophe losses, favorable development on prior year reserves, solid investment results and strong performance by our team.
“We are pleased with the results of our January 1 renewals and have constructed an attractive portfolio of business for 2010. We will continue to maintain our underwriting discipline, focusing on expected profit rather than premium volume.”