RenaissanceRe has reported net income of $56.7 million for the first quarter, or $1.42 per share, down from $92.4 million, or $2.25 per share, a year ago.

The Bermudian-based company’s operating income available to shareholders more than doubled to $135.2 million, compared with $53.7 million for the same period in 2017.

Kevin O’Donnell, chief executive officer, said he was pleased with the “solid results and very strong execution in the first quarter”.

He said: “We delivered an annualised operating return on average common equity of 13.5 per cent for the quarter, highlighted by low catastrophe activity, strong growth in premiums, prior year favourable development and a continued increase in operating efficiency.”

Mr O’Donnell said the January 1 renewal was successful, with increased in size and efficiency of RenRe’s portfolio of risk.

He added: “Moving into the midyear renewals, we remain focused on implementing our strategy in order to continue to build a diverse and profitable book of business and maximise shareholder value.”

Gross premiums written increased by $237 million, or 25.8 per cent, to $1.2 billion, driven by a $186.4 million improvement in the property segment, and an increase of $51.1 million in the casualty and speciality segment.

The company’s underwriting income was $129.6 million, and it had a combined ratio of 70.6 per cent for the first quarter.

RenRe’s total investment result for the quarter was a loss of $25.7 million, compared with a gain of $97.7 million during the same period last year. The company said this was mainly due to to realised and unrealised losses on its fixed maturity investment portfolio driven by an upward shift in the interest rate yield curve.