Q2 2024 Renaissancere Holdings Ltd Earnings Call Transcript
Key Points
- RenaissanceRe Holdings Ltd (RNR) reported an annualized operating return on average common equity of 28%, consistent with the previous year despite a significant increase in average common equity.
- The company successfully integrated the Validus Re acquisition, achieving key objectives in underwriting, people, and capital management.
- Gross premiums written increased by 29% for the quarter and 36% year-to-date, driven by growth in property catastrophe and specialty classes.
- Fee income from the capital partners business rose by 48%, with management fees up 27% and performance fees contributing significantly.
- Retained net investment income grew by 50% year-over-year, benefiting from a larger asset base and higher interest rates.
- The current accident year loss ratio for the casualty and specialty portfolio was impacted by specific losses, leading to a higher than expected ratio.
- The other property segment experienced higher loss ratios due to US severe convective storms and the Taiwan earthquake.
- There were some non-catastrophe events that led to higher than expected losses in the other property book.
- The acquisition expense ratio increased by about 2 percentage points, driven by purchase accounting adjustments and reinstatement premiums.
- The company acknowledged the potential for an active hurricane season, which could impact future results.
Good morning. My name is Ashley, and I will be your conference operator today. At this time, I'd like to welcome everyone to the RenaissanceRe second-quarter 2024 earnings conference call and webcast. (Operator Instructions)
Thank you. I will now turn the call over to Keith McCue, Senior Vice President of Finance and Investor Relations. Please go ahead.
Thank you, Ashley. Good morning and welcome to RenaissanceRe second quarter earnings conference call. Joining me today to discuss our results are Kevin O'Donnell, President and Chief Executive Officer; Bob Qutub, Executive Vice President and Chief Financial Officer; and David Marra, Executive Vice President, Group Chief Underwriting Officer.
First, some housekeeping matters. Our discussion today will include forward-looking statements, including new and updated expectations for our business and results of operations. It's important to note that actual results may differ materially from the
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