RenaissanceRe Holdings Ltd. released its financial results for the second quarter of 2024. The company reported strong net income available to common stockholders of $495 million, demonstrating a strong financial position. Operating income was $650.8 million available to common stockholders.

The company achieved an annual return on average common equity of 21.4% and an operating return on average common equity of 28.2%. The company said these figures indicate Renaissance Re’s efficient use of capital and its ability to generate profitable results from its equity base.

During the quarter, the company saw gross written premiums increase by 29.2% compared to Q2 2023, to $773.9 million. This growth was driven by gains across key segments: Property premiums increased by 25%, contributing an additional $350.5 million, while Casualty and Specialty premiums increased by 33.9%, adding $423.4 million.

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The company also reported a combined ratio of 81.1% and an adjusted combined ratio of 78.6%.

RenaissanceRe actively participated in share repurchases during the quarter. The company repurchased $108.5 million of its common stock and continued its shareholder return strategy through July, repurchasing an additional $61.2 million of stock.

In addition, the company saw a rise in fee income, which rose 48.3% to $84.1 million, and a significant increase in net investment income, which rose 40.4% to $410.8 million.

Kevin J. O’Donnell, President and Chief Executive Officer, attributed the quarterly performance to strong execution across the company’s diverse business lines and strategic asset growth. He specifically noted the ongoing benefits of the Validus acquisition, which he said continues to deliver significant growth in premiums and invested assets, contributing positively to the company’s performance in a favorable operating environment.

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