NU Online News Service, Feb. 8, 12:41 p.m. EST
RenaissanceRe Holdings Ltd. says 2011 fourth-quarter net income fell to $81.8 million compared to $122.6 million for the same quarter in 2010.
The Pembroke, Bermuda-based global provider of reinsurance and insurance recorded a net loss of $92.2 million for the year, compared to net income of $702.6 million for 2010.
On a consolidated basis the company recorded underwriting income of $127.1 million, down from $152.2 million in the 2010 fourth quarter due to $59.5 million in underwriting losses related to the flooding in Thailand.
Additionally, favorable reserve development during the last quarter of 2011 was down to $34.6 million compared to $72.7 million during the same time in 2010.
Underwriting income in the reinsurance segment was $135.3 million from $168.4 million during the last quarter of 2010. Results were negatively impacted by underwriting losses from Thailand and increases in losses of $10.9 million and 11.9 million from the New Zealand earthquake and U.S tornadoes.
RenRe says it experienced a decrease in underwriting losses of $56.5 million related to the Tohoku earthquake in Japan.
