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News - RenRe first-quarter 2006 profits up.

Europe Intelligence Wire

| June 01, 2006 | COPYRIGHT 2006 Financial Times Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan.  All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)Copyright

(From Reinsurance)

RenaissanceRe Holdings has announced that it made $195.7m in first-quarter operating income, up on the $54.5m it made in the first quarter of 2005.

Chief executive Neill Currie commented, "We had a strong first quarter, with over 8% growth in our book value per common share.

"Our first-quarter results benefitted from light catastrophe losses and lower-than-expected reported claims on prior-year reserves within our reinsurance segment, but also demonstrate the ongoing strength of the RenaissanceRe business and franchise."

Mr Currie continued, "Given improving pricing and terms for catastrophe reinsurance, we grew our managed catastrophe-reinsurance premium by 23% in ...

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