The following is a summary of the RenaissanceRe Holdings Ltd. (RNR) Q1 2024 Earnings Call Transcript:

Financial Performance:

• RenaissanceRe reported an annualized operating return on average common equity of 29% for Q1 2024.

• The underwriting income increased by 46% to $541 million, and fee income had a significant growth of 87% to $84 million in Q1.

• Retained net investment income rose by 59% to $267 million.

• Tangible book value per share plus change in accumulated dividends grew by 5%, even with $194 million in retained mark-to-market losses.

• Net premiums written saw a rise of 41% to $3.2 billion.

• Underwriting results were strong with a combined ratio of 78%, or 75% after adjusting for purchase accounting.

Business Progress:

• Significant progress in strategic milestones including the Validus Re acquisition, expanding the Capital Partners business and growing the joint ventures.

• Expectation to retain $3 billion of the Validus premium, leading to a combined portfolio exceeding $12 billion in gross written premiums.

• Focusing on integrating employees and systems from Validus for customer satisfaction.

• Preparation for elevated hurricane season with a diverse portfolio approach.

• Successful integration of the balance sheets after Validus acquisition, deploying capital organically.

• Cost savings identified, transition costs of $20 million expected to taper off by 2025.

• Favorable development in the casualty and specialty segment, aided by acquisitions such as Tokyo and Validus.

More details: RenaissanceRe Holdings IR

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