RenaissanceRe Holdings Ltd. reported a net income of $1.8 billion for the fiscal year ending December 31, 2024, a decrease from $2.5 billion in 2023. This resulted in an annualized return on average common equity of 19.3% and an increase in book value per common share from $165.20 to $195.77, reflecting a 19.4% rise after accounting for dividends. The company generated underwriting income of $1.6 billion with a combined ratio of 83.9%, compared to a combined ratio of 77.9% in the previous year. The underwriting results were impacted by significant large loss events, which had a net negative effect of $847.4 million on the underwriting result, contributing 8.8 percentage points to the combined ratio.
The Validus Acquisition, completed on November 1, 2023, significantly influenced RenaissanceRe's financial performance. The acquisition added approximately $2.9 billion in gross premiums written, contributing to a 32.4% increase in total gross premiums to $11.7 billion. The Property segment saw a 35.4% increase in gross premiums written, while the Casualty and Specialty segment experienced a 30.4% rise. The integration of Validus is expected to enhance the company's scale and market position, making it one of the five largest global property and casualty reinsurers.
Operationally, RenaissanceRe's employee headcount rose to 945 as of February 7, 2025, up from 925 a year earlier, reflecting the company's growth strategy. The firm continues to focus on maintaining strong relationships with brokers, with three firms accounting for 82.1% of gross premiums written. The company also reported a total investment income of $1.6 billion, down from $1.7 billion in 2023, primarily due to increased net realized and unrealized losses on investments, which amounted to $27.8 million in 2024 compared to gains of $414.5 million in the previous year.
Looking ahead, RenaissanceRe anticipates continued demand for its products, driven by recent catastrophe events and inflation in insured values. The company is well-positioned to capitalize on these opportunities, leveraging its enhanced risk management capabilities and strong capital position. However, it also faces challenges from potential economic volatility, inflationary pressures, and regulatory changes, particularly with the introduction of a 15% corporate income tax in Bermuda effective January 1, 2025. The firm remains committed to its strategic objectives, focusing on underwriting excellence and capital efficiency to deliver long-term value to shareholders.
About RENAISSANCERE HOLDINGS LTD
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