Bermuda-based RenaissanceRe Holdings Ltd. (RenRe) announced that it expected third quarter earnings would exceed analysts’ expectations “with operating earnings in the range of $1.70 to $1.75 per share” for the period.
In the announcement RenRe said the increases were due “to the greater than 30% growth in managed catastrophe premium, which is expected to total approximately $375 million for 2000. This figure includes $8/0 million for the Top Layer Re and OPCat joint ventures managed by Renaissance, and $295 million written by the company itself.”
The news is a bright spot among the generally depressed earnings expectations of most global catastrophe reinsurers. RenRe also announced that it was “comfortable” with 2001 earnings estimates of between $7.00 and $7.30 per share, “assuming normal loss activity.”
Topics Profit Loss
Was this article valuable?
Here are more articles you may enjoy.
5 Years After Surfside Collapse: Safer Condos, More Transparency for Underwriters 
NAIC Victim of Cyber Incident Via PeopleSoft System 
Ship Insurers Set for Major Claims From Iran War, Allianz Says 
North Carolina Becomes First State to Pass Outright Ban on Litigation Financing 
