RenaissanceRe has reported third-quarter net income available to common shareholders of $1.17 billion, a jump from $194 million in the prior-year quarter.

Operating income was $540.3 million, up from $426.3 million in the third quarter of 2023.

The company reported underwriting income of $393.8 million, fee income of $82.1 million and net investment income of $423.9 million.

RenRe had an annualised return on average common equity of 47.1 per cent.

Gross premiums written in the quarter were $2.4 billion, up from $1.62 billion in the prior-year quarter.

Net premiums earned were $2.58 billion, which compares with $1.76 billion in the third quarter of 2023.

The combined ratio was 84.8 per cent (2023 Q3: 78 per cent).

The company said third-quarter large-loss events had a net negative impact of $243.2 million on net income available to common shareholders and added 12.7 percentage points to the combined ratio.

The company repurchased $106.8 million of common shares in the third quarter.

RenRe said Hurricane Milton is estimated to have a net negative impact of $275 million on the company’s fourth-quarter 2024 results of operations.

Kevin J. O’Donnell, president and chief executive, said: “We reported strong results this quarter. Our business continues to perform well, and we are in an excellent capital and liquidity position.

“We believe that these strong returns will persist, providing us with opportunities to grow while continuing to return capital to our shareholders through share repurchases.

“These actions position us to deliver consistent, superior returns for our shareholders through the course of 2025 and into the future.”

He added: “RenaissanceRe’s purpose is to protect communities and enable prosperity. It is important to recognise that the catastrophes of the quarter caused significant human suffering, in addition to substantial property damage.

“We extend our sympathies to all those impacted and are proud of the role that we have in supporting communities as they recover and rebuild.”