RenaissanceRe Holdings Ltd. suffered the full effects of hurricanes Gustav and Ike and the financial crisis, making a net loss of $220.4 million in the third quarter.

The reinsurer estimated having to pay out $276 million in claims for the two hurricanes, while negative investments results accounted for $93.3 million.

The company, which made a $144 million net profit for the same period last year, reported an operating loss of $143.4 million for the third quarter of 2008 compared to an operating income of $167.8 million in 2007.

Book value per share was $38.94 at September 30, 2008 versus $41.03 at the same time last year, a 10.1 percent decrease in the third quarter of 208, compared to a 4.2 percent increase in the third quarter of 2007.

But gross premiums written were up by $31 million to $239.8 million from $208.8 million over the respective periods, mainly due to a $27.9 million rise in gross premiums written by its reinsurance business and a $20.9 million drop in gross premiums ceded from the individual risk segment to the reinsurance division.

RenRe chief executive officer Neill Currie said: "The combination of the US hurricanes and turmoil in the financial markets resulted in a decrease in our tangible book value per share this quarter, but also served to reinforce our position as a market leader. Our brokers and clients value our financial strength and proven willingness to pay claims quickly as well as our ability to provide substantial reinsurance capacity in these turbulent times.

"We anticipate that additional opportunities will emerge with the expected decline in industry capital and continued stress in the financial markets. As we look ahead to 2009 and the upcoming January 1 renewal season, our strong ratings, solid balance sheet and experienced underwriting team, coupled with our proven risk management systems, position us well to capture these opportunities."