RenRe sees Q1 profit rise despite cat losses
In line with many of its Bermudian peers, RenaissanceRe reported a rise in first quarter net income despite paying for exceptional catastrophe losses in the first three months of the year.
Q1 net income stood at $165mn, compared to $97.3mn during the same period in 2009, notwithstanding a net $124.5mn negative impact from catastrophes including the Chilean earthquake and European Windstorm Xynthia.
Favourable reserve development was a key driver for the quarter. RenRe released $105.2mn of reserves in its reinsurance...
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