RenaissanceRe Holdings Ltd posted a net loss of almost $250 million during the first quarter after taking a combined $427.4 million hit from the New Zealand and Japanese earthquakes and Australian floods.The re/insurer made a net loss of $248 million, or $4.69 per share, in the first quarter compared to a profit of $165 million, or $2.73 per share, for the same period in 2010.More than half of the catastrophe losses were down to the Japan earthquake ($217.4 million).The company also reported an operating loss of $242.9 million, or $4.59 per share, versus an operating income of $116.5 million, or $1.91 per share, respectively. But the loss per share came in lower than Bloomberg-polled analysts’ estimates of $4.99 per share.Annualised return on average common equity was minus 31.3 percent and an annualised operating return on average common equity of minus 30.7 percent in the first quarter of this year compared to 20.9 percent and 14.8 percent, respectively, in the first quarter of last year.Book value per common share also decreased $5.57 or 8.9 percent in the first quarter to $57.01 versus a 4.2 percent increase in the first quarter of 2010.Neill Currie, CEO of RenaissanceRe, said: “This quarter’s catastrophic events have caused enormous human tragedy, and we extend our sympathies to all those affected. As we have throughout the history of our company, we are responding to the needs of our clients quickly, whether it is paying valid claims with industry leading speed, or providing additional coverage in the wake of these events.”He continued: “In the aftermath of the large catastrophes that have occurred over the last year, and as our clients’ view of risk evolves, we anticipate demand for our products will increase over time. Our experienced team has the tools and the capital necessary to respond to the needs of our clients.”Gross premiums written increased $94.5 million, or 18.3 percent, to $610.5 million, primarily driven by reinstatement premiums, written from the large catastrophes of the first quarter of 2011, and increases across most lines of business within the Lloyd’s segment.Excluding the impact of $113.5 million and $27 million of reinstatement premiums written in the first quarter of 2011 and 2010, respectively, gross premiums written increased $8.0 million or 1.6 percent.Meanwhile the company recorded an underwriting loss of $397.2 million and a combined ratio of 230 percent, mainly down to the Australian flooding, the February 2011 New Zealand earthquake and the Tohoku earthquake, which had added 212.3 percentage points to the combined ratio.The reinsurance segment incurred an underwriting loss of $368.1 million and a combined ratio of 227.2 percent compared to underwriting income of $87.4 million and a combined ratio of 64 percent.The reinsurance segment experienced $72 million of favourable development on prior year reserves, including $19.7 million in the catastrophe unit due to reductions in estimated ultimate losses on certain specific events, and $52.3 million in the specialty unit, with $18.4 million related to lower than expected claims emergence, $26.8 million associated with actuarial assumption changes and the remainder due to reductions in ultimate losses on large events.Elsewhere total investment result, which includes net investment income, net realised and unrealised (losses) gains on investments, net other-than-temporary impairments and the change in net unrealised gains on fixed maturity investments available for sale, decreased $49.9 million, to $55.3 million.The company repurchased 2.7 million common shares in open market transactions at an aggregate cost of $174.8 million and at an average share price of $65.84.Useful website: www.renre.com