RenaissanceRe reports 2013 first-quarter net income fell to $190.5 million compared to $201.4 million for the same period a year ago, as decreases in underwriting income, written premiums and investment income offset an improvement in weather and energy risk-management operations.
Underwriting income in the quarter dropped to $173 million compared to $196.6 million in 2012's first quarter. RenaissanceRe says in a statement that the drop was due to lower favorable development and lower earned premiums.
The Pembroke, Bermuda-based compay says its combined ratio rose to 36.2 in Q1 2013 compared to 29.4 the year before. Net claims and claim expenses incurred climbed to $27.3 million compared to $15.6 million a year ago.
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