RenaissanceRe (RNR) Misses Q3 EPS by 10c
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RenaissanceRe (NYSE: ) reported Q3 EPS of $2.09, $0.10 worse than the analyst estimate of $2.19. Revenue for the quarter came in at $442.46 million versus the consensus estimate of $422.91 million.
Kevin J. O'Donnell, CEO, commented: "We reported $146.8 million of net income and 3.9% growth in tangible book value per share plus accumulated dividends for the quarter. Our results benefited from a low level of insured catastrophe activity, favorable reserve development and mark-to-market investment gains. For the first nine months of the year, we have generated $411.1 million of net income and grown tangible book value per share by 9.5%, after adjusting for dividends, while also returning almost $350 million of capital to our shareholders through share repurchases and dividends."
Mr. O'Donnell continued: "We continue to see select opportunities for disciplined organic growth within our casualty and specialty franchise. Given where we are in the reinsurance cycle, we are executing our gross to net strategy, trading underwriting risk for fee income, and protecting our balance sheet for the long term. We continue to focus on deepening our customer relationships and look forward to meeting their needs during the upcoming renewal period."
For earnings history and earnings-related data on RenaissanceRe (RNR) click here.
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