Bermuda-based RenaissanceRe Holdings Ltd. reported second quarter net income dropped nearly 26 percent falling by $47.6 million, when compared with the period last year.

Net income was $135.7 million or $2.13 per share in the second quarter, compared to net income of $183.2 million or $2.53 per share for the same quarter of 2007.

The specialty reinsurer also reported an annualized operating return on average common equity of 23.4 percent compared to 28.5 percent in 2007.

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