RenaissanceRe Holdings Ltd has reported second-quarter net income available to common shareholders of $495 million, a jump of 159 per cent year-over-year.

Operating income in the quarter was $650.8 million, up from $411.45 million in the second quarter of 2023.

Annualised return on average common equity was 21.4 per cent and annualised operating return on average common equity was 28.2 per cent.

Gross premiums written grew by $773.9 million, or 29.2 per cent, from Q2 2023.

Property grew by $350.5 million, or 25 per cent, and casualty and specialty grew by $423.4 million, or 33.9 per cent.

The combined ratio was 81.1 per cent, and the adjusted combined ratio was 78.6 per cent.

Second-quarter underwriting income was $479.3 million, which compares with $351 million in the prior-year quarter.

Fee income was $84.1 million, up 48.3 per cent compared with Q2 2023.

Net investment income was $410.8 million, up 40.4 per cent from Q2 2023.

RenRe repurchased $108.5 million of common shares in the second quarter and an additional $61.2 million of common shares from July 1 through July 22.

Last November, RenRe acquired American International Group's treaty reinsurance business, including Validus Re, in a near $3 billion deal.

RenRe said the results of operations and financial condition include Validus since November 1, 2023.

Consequently, the results of operations for the three and six months ended June 30, compared with the three and six months ended June 30, 2023, should be viewed in that context, the company said.

In addition, the company said, the results of operations for those three and six-month periods may not be reflective of the continuing business of the combined entities.

Kevin J. O’Donnell, president and chief executive, said: “We delivered another excellent quarter driven by strong underlying performance from each of our three drivers of profit — underwriting, investment and fee income.

“The Validus transaction continues to accrete significant value to our shareholders by delivering substantial growth in both premium and invested assets in one of the most favourable business environments in our history.

“Going forward, our consistent strategy and strong execution will enable our excellent performance to persist and allow us to grow shareholder value at an industry-leading pace.”