RenaissanceRe reported a net loss attributable to common shareholders of $290.9 million for the first quarter of 2021, impacted by Winter Storm Uri and volatile capital markets. However, the company grew gross premiums written by 30.9% and repurchased 1.1 million common shares.
Grew gross premiums written by 30.9%, with 32.5% growth in the Property segment and 28.6% in the Casualty and Specialty segment.
Major winter storms in February 2021, referred to as Winter Storm Uri, caused widespread damage in the U.S., predominately in Texas, and had a $179.8 million net negative impact on net loss attributable to common shareholders, primarily in the Property segment.
Repurchased 1.1 million common shares at an average price of $159.47 per common share in the first quarter, with additional repurchases of 330 thousand common shares from April 1, 2021 through April 23, 2021 at an average price of $167.62 per common share.
Utilized flexible platform to broaden access to risk and match with efficient capital, growing premiums on a gross and net basis
RenaissanceRe anticipates additional opportunities to grow into a broadly improving market by matching desirable risk with efficient capital, both on our wholly owned balance sheets and in our industry-leading RenaissanceRe Capital Partners business. Together with improved yields in our investment portfolio, this diligent execution of our strategy will further contribute to shareholder value creation.
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