Bermuda-based RenaissanceRe Holdings Ltd. reportedfourth-quarter net income of $201 million compared with a net lossof $210 million for the same year-ago period.
|Gross premiums written for the fourth quarter were $195 million,compared with $289 million in the same 2005 period.
|The company generated $177.3 million of underwriting income andhad a combined ratio of 53.4 in the fourth quarter, compared with a$344 million loss and a combined ratio of 183 in the same 2005period, which included Hurricane Wilma.
|In other items, net investment income increased $24 million to$83 million in the fourth quarter of 2006.
|Chief Executive Officer Neil Currie said the signs are pointingtoward a softening in several of the company's markets.
|“We also recognize that uncertainty created by recentlegislative changes in Florida will reduce some of the demand forsome of our products,” he said.
|Florida's new property insurance law, enacted last week,includes a provision to allow primary insurers to purchaseadditional reinsurance from the state catastrophe fund at cheaperprices than they would see from a private reinsurer.
|With that in mind, Mr. Currie said he expects top-line revenueswill be down this year compared to last.
|Managed catastrophe premiums for the year are now projected todecline 5 percent, as opposed to previous estimates of 15 percentgrowth.
|The firm announced yesterday that the Securities and ExchangeCommission had given final approval to a $15 million settlement toend an investigation of accounting irregularities.
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