RenRe Q3 Net Off 47% at $133.4 Million; Conference Call Today, Details

Bermuda’s RenaissanceRe Holdings Ltd. reported $167.8 million in third quarter operating income, which excludes capital gains/losses, available to common shareholders compared to $247.0 million in the third quarter of 2006. RenRe specified that the figure does not include “net unrealized losses on credit derivatives issued by entities included in investments in other ventures, under equity method of $36.0 million in the third quarter of 2007.”

Operating income per diluted common share was $2.33 in the third quarter of 2007, compared to $3.42 in the third quarter of 2006. Net income available to common shareholders was $133.4 million or $1.85 per diluted common share in the quarter, compared to $251.1 million or $3.48 per diluted common share for the same quarter of 2006.

The earnings announcement explained that the “Company’s results for the third quarter of 2007 were impacted by a $36.0 million charge to reflect an anticipated third quarter loss at ChannelRe Holdings Ltd.”

CEO Neill A. Currie commented: “We generated solid underwriting profits and strong investment returns during the third quarter. Financial results were positively affected by the lack of hurricanes making landfall in the U.S., and were negatively impacted by unrealized mark-to-market losses in ChannelRe, flood losses in the U.K., and claims reported in various lines of our specialty reinsurance book.”

The full report and additional comments may be obtained on the Company’s wen site at: www.renre.com.

RenRe will conduct an investment community conference call today, Wednesday, October 31, 2007 at 8:30 AM ET to discuss its financial results for third quarter 2007, as well as the company’s outlook. A live web cast of this call will be available through the Investor Information Section of RenaissanceRe’s web site. An archive of the call will be available from approximately 1:00 p.m. ET on October 31, 2007 through midnight ET on January 9, 2008.

Source: RenaissanceRe