Renaissance Holdings Ltd. reported first-quarter profits nearly quadrupling compared to the year-ago period as light catastrophe losses and lower than expected adverse reserve activity bolstered the bottom line.
The Bermuda-based property reinsurer reported net income of $179 million compared with $44.3 million in the comparable 2005 period.
Company chairman Neill Currie noted that RenRe grew its managed catastrophe reinsurance premium by 23 percent in the quarter, but that much of the carrier's fate this year depends on “the ultimate magnitude of our opportunities in Florida.”
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