RenaissanceRe Holdings Ltd

Much of the increase in RenaissanceRe’s reinsurance gross premiums in 2005 was ‘loss related’ i.e. attributable to the large catastrophes of 2005. This applied to both the company’s property catastrophe and specialty reinsurance portfolios

In what was a hard year for the sector generally, few companies had a tougher time in 2005 than the Bermuda based catastrophe reinsurance specialist, RenaissanceRe Holdings. Indeed, the last quarter of 2004 when the company had to absorb record losses from Hurricanes Charley, Frances, Ivan and Jeanne, was not entirely without trauma for RenaissanceRe Holdings which only the year before (2003) had experienced the most profitable year in its 13 year history when it very nearly doubled its net profit to $624.1mn.