Bermuda-based RenaissanceRe reported gross written premiums of $780m for the first quarter of 2004, up from $685m for the same period in 2003.
Profit after tax was $170.4m for the first quarter, up from $151.3m for the same period in 2003.
But the combined ratio increased slightly when compared with the results for 2003, up from 53.0% to 59.0% for 2004.
RenaissanceRe chairman and chief executive James Stanard, said: “This quarter demonstrates the increasing diversification of RenaissanceRe's business mix.
“Strong first quarter growth in individual risk and specialty reinsurance positions us well to meet our targeted 2004 growth rates in these lines of 30% and 20% respectively, and more than offset the 5% decline in gross managed cat premium, which was in line with our expectations.
“We also benefited from another quarter of light catastrophes, and continued to deliver strong returns on equity and growth in book value per share.”
