Back-to-back storms land RenRe with bill for $425m

By Symon Ross

BERMUDA’S RenaissanceRe has announced it will take a $425m hit in third-quarter earnings from the combined effects of hurricanes Charley, Frances, Ivan and Jeanne. The reinsurer said, compared with other potential catastrophe events, Florida hurricanes of the magnitude recently experienced cause disproportionately higher losses to RenRe as a percentage of total industry losses.