RenaissanceRe Holdings Ltd. today announced an operating loss attributable to common shareholders of $69.8 million, or $(1.49) per diluted common share, for the first quarter of 2025. This contrasts with a net income available to common shareholders of $161.1 million, or $3.27 per diluted common share.
The company reported an underwriting loss of $770.6 million, resulting in a combined ratio of 128.3%. The Property segment was significantly impacted, with a combined ratio of 148.7%, including a 113.5 percentage point impact from the California Wildfires, which were a series of wildfires that burned throughout southern California in January 2025.
Fee income decreased by 63.5% from Q1 2024 to $30.5 million, primarily due to negative performance fees resulting from large losses. Despite these challenges, net investment income remained strong at $405.4 million, an increase of $14.6 million from Q1 2024, and tangible book value per share plus accumulated dividends grew by 0.9%.
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