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Dec 31, 2024
RenaissanceRe Q4 2024 Earnings Report
Reported a net loss and operating income, driven by investment losses and hurricane impact, but demonstrated resilience through strong underwriting performance and fee income.
Key Takeaways
RenaissanceRe reported a net loss of $198.5 million for Q4 2024, influenced by mark-to-market losses and the impact of Hurricane Milton. However, the company achieved an operating income of $406.9 million, supported by underwriting income and fee income growth.
Reported a net loss attributable to common shareholders of $198.5 million, or $(3.95) per diluted common share.
Achieved operating income available to common shareholders of $406.9 million, or $8.06 per diluted common share.
Combined ratio of 91.7% and adjusted combined ratio of 89.4%.
Net investment income increased to $428.8 million, up 13.8% from Q4 2023.
Forward Guidance
RenaissanceRe anticipates leveraging its strong capital and liquidity to capitalize on emerging opportunities, enhance its market leadership, and deliver superior shareholder value.
Positive Outlook
- Strong capital and liquidity positions will allow capture of additional opportunities.
- Long-term partnership approach rewarded with preferential signings.
- Attractive underwriting book retained.
- Demonstrated relevance to customers through rapid claim payments.
- Delivered another strong year with growth in tangible book value per share plus change in accumulated dividends.
Challenges Ahead
- California wildfires are expected to have a pre-tax net negative impact of approximately $750 million in Q1 2025.
- Preliminary assessment of the impact from the California wildfires is based on initial industry insured loss estimates and market share analysis.
- Difficult to provide an accurate estimate of the financial impact of the California wildfires due to the preliminary nature of the information.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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