RENRE’S Q1 INCOME FALLS 21%

Bermudian re/insurer RenaissanceRe Holdings has posted Q1 net income of $151m, a decline of 21% that reflected losses from US winter storms, a $21m drop in favourable development on prior accident years claims costs and a 9.8% decrease in investment income to $38.9m. The group’s combined ratio rose 11 full points to 47.2%, as earned premiums climbed 5.6% to $286.5m and incurred losses more than doubled to $58.9m from $27.3m. Underwriting income fell $12.5% to $151.3m, with declines reported by each of its three operating segments. The catastrophe reinsurance segment saw underwriting income fall to $130.6m from $148.2m largely owing to a $22.1m decline in earned premiums. The specialty reinsurance segment’s underwriting income dropped to $16.9m from $20.1m, as incurred losses climbed $15.4m and underwriting expenses rose $10.7m, partially offset by a $22.8m increase in earned premiums. The specialty segment’s combined ratio jumped to 75.7% from 57%. RenRe’s Lloyd’s segment saw underwriting income fall to $3.4m from $4.2m as its combined ratio rose 4.5 points to 93.5%.