What’s New: In Brief (October 28, 2009)

RenaissanceRe Holdings Ltd. reported a US$258.6-million profit in 2009 Q3, compared to a net loss of US$231 million in 2008 Q3.   But gross premiums written (GPW) declined by US$37.4 million, down to US$202.4 million, in 2009 Q3. The reinsurer said the GPW decrease was due principally to US$49 million in reinstatement premiums written in the company’s reinsurance segment in 2008 Q3, as a result of Hurricanes Gustav and Ike, that did not recur in 2009 Q3.  RenaissanceRe generated US$167.7 million of underwriting income and a combined ratio of 43.3% in 2009 Q3, compared to an underwriting loss of US$240.5 million and a combined ratio of 163.4% in 2008 Q3.

Paris Re Holdings Limited announced a preliminary net operating income estimate of between US$45 and US$50 million for 2009 Q3. Net operating income for the first nine months of 2009 is expected to be between U$165 and US$170 million. Net written premium for the third quarter of 2009 is expected to be approximately US$200 million, and approximately US $1.01 billion for the first nine months of 2009. The combined ratio is estimated to be between 99.5% and 101.5% for 2009 Q3, and between 94% and 95% for the first nine months of 2009. The most significant losses of the quarter were hail events in Canada that cost the reinsurer US $15 million, and a flood in Istanbul that caused a net impact, including reinstatement premium, of US$24 million.