RenaissanceRe Holdings Ltd. today announced strong financial results for the third quarter of 2024, reporting Net Income Available to Common Shareholders of $1.17 billion, or $22.62 per diluted common share. Operating Income Available to Common Shareholders reached $540.3 million, or $10.23 per diluted common share.
The company's underwriting income stood at $393.8 million, with a combined ratio of 84.8%, and an adjusted combined ratio of 82.4%. Fee income increased by 27.1% from Q3 2023 to $82.1 million, while net investment income grew by 28.8% to $423.9 million.
Tangible book value per common share plus accumulated dividends increased by 15.0% during the quarter. The Property segment's combined ratio was 60.3%, impacted by 35.4 percentage points from Q3 2024 Large Loss Events, which included Hurricane Helene, a severe hailstorm in Calgary, Hurricane Debby, and Hurricane Beryl, resulting in a net negative impact on underwriting of $310.6 million.
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