RenaissanceRe has reported a net operating loss of $206.9m in the fourth quarter of 2005, principally reflecting a $313.9m net negative impact from hurricane Wilma.
The results compared to net operating income of $188.6m for the fourth quarter of 2004.
Gross premiums written for the quarter were $288.5m, compared to $163.8m for the same quarter of 2004.
This includes $134.6m in gross premiums written for the company's reinsurance segment, compared to $58.2m for the same quarter of 2004; and $153.9m in gross premiums written for the individual risk segment, compared to $105.5m for the same quarter of 2004.
The reinsurance premiums include $71.3m in reinstatement premiums written as a result of the 2005 hurricane losses.
Neill Currie, CEO, said, “For the first time in our corporate history, we've had an operating loss for the year, which was chiefly the result of the very active hurricane season.
"While disappointing from a financial perspective, 2005 demonstrated the value that Renaissance delivers to its customers—through rapid and reliable claims payment, through our capacity to price and bind contracts in all market conditions and through the strength of our balance sheet.”
Currie added, "While market conditions are not as attractive as we had hoped in specialty reinsurance, we saw many opportunities in our catastrophe reinsurance business this renewal season, and expect to see more opportunities in both catastrophe reinsurance and in individual risk over the course of 2006.”
