RenaissanceRe 2007 fourth-quarter net income dropped by 65 percent, in part because of the drop in subprime mortgage values, the company said.

Net income at the Pembroke, Bermuda-based carrier was down to $72.8 million from $210.6 million the same period in 2006, a difference of $138 million, or about 65 percent. This number reflects charges totaling $181.7 million in the fourth quarter of 2007, reflecting:

o A charge resulting in a full reduction of the company's carried value in ChannelRe, which was $126.7 million on Sept. 30, 2007.

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