RenaissanceRe Holdings Ltd. (RNR)’s net income of $179.7 million, or $4.01 per diluted common share for the third quarter, compared to $180.7 million or $3.62 per diluted common share in the third quarter of 2012.

However, RNR, reporting their third quarter results, was able to state that operating income available to RenaissanceRe common shareholders was $151.3 million, or $3.36 per diluted common share for the third quarter of 2013, compared to $104.4 million or $2.07, respectively, in the third quarter of 2012.

And they saw an annualised return on average common equity of 22.2 percent and an annualised operating return on average common equity of 18.7 percent in the third quarter of 2013, compared to 22.0 percent and 12.7 percent, respectively, in the third quarter of 2012.

The third quarter report stated that book value per common share increased $3.20, or 4.5 percent, in the third quarter of 2013 to $74.58, compared to a 4.8 percent increase in the third quarter of 2012. “Tangible book value per common share plus accumulated dividends increased $3.49, or 4.9 percent, in the third quarter of 2013, compared to a 5.3 percent increase in the third quarter of 2012,” RNR said.

Chief executive officer Kevin O’Donnell stated: “For the third quarter of 2013, we reported an increase in our tangible book value per share, plus accumulated dividends of 4.9 percent and an annualised operating return on equity of 18.7 percent. Our results reflect a combination of strong underwriting performance, driven in part by light catastrophe loss activity, and solid investment results.”

Mr. O’Donnell continued: “Our results were helped in no small part by our decision earlier in the year to adjust our portfolio, in an increasingly competitive environment. As we approach the next major renewal season, our flexible capital structure, multiple underwriting platforms and proven access to the capital markets position us well to serve the needs of our clients. Going forward, our ability to be responsive long term partners to our clients and investors while remaining disciplined underwriters will be a differentiator in our business.”

RNR pointed to underwriting income of $151.4 million and a combined ratio of 48.6 percent, compared to $122.6 million and 53.3 percent, respectively. They stated: “The increase in underwriting income was primarily driven by a $32.1 million increase in net premiums earned due to growth in gross premiums written principally in the Company’s speciality unit and Lloyd’s segment, combined with a $12.3 million decrease in net claims and claim expenses, driven by a relatively light loss quarter, partially offset by a $13.3 million increase in acquisition expenses primarily due to the Company’s speciality unit.

The company also pointed to total investment gains of $88.2 million, which includes the sum of net investment income, net realised and unrealised gains (losses) on investments and net other-than-temporary impairments, compared to gains of $122.8 million. They stated: “Although positive returns were generated in the Company’s fixed maturity investment portfolio during the third quarter of 2013, the decrease when compared to the third quarter of 2012 was primarily driven by significant credit spread tightening during the third quarter of 2012.

“Offsetting this decrease was a $13.8 million increase in net investment income from other investments principally driven by improved returns in the Company’s private equity investments and an $18.1 million increase in the fair value of the Company’s investment in Essent Group Ltd., which is included in other investments.”

RNR also reported that on August 30, 2013, the Company entered into a purchase agreement with a subsidiary of Munich-American Holding Corporation (“Munich”) to sell its US-based weather and weather-related energy risk management unit (REAL) and, on October 1, the Company closed that sale.