NU Online News Service, July 28, 3:38 p.m. EDT
Renaissance Re reported a 23 percent drop in 2010 second-quarter net income available to common shareholders compared to a year ago as the company experienced a decline in both net investment income and premiums written.
The Pembroke, Bermuda-based insurer and reinsurer said 2010 second-quarter net income available to common shareholders was $210.2 million, compared to $271 million in the 2009 second quarter.
Net premiums written fell to $552.6 million in the quarter from $631.4 million a year ago. Gross premiums written decreased 1.6 percent, or 13.7 million, to $841.5 million from $855.2 million. Renaissance Re said the decrease in gross premiums written "was primarily due to a decrease in managed catastrophe premiums of $70.4 million, or 12 percent, and partially offset by increases in the company's specialty, Lloyd's and insurance premiums."
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