Bermuda’s RenaissanceRe Holdings yesterday posted a first-quarter profit of $190.5 million in the absence of any major catastrophe losses.That compares to $201.4 million or $3.88 per diluted common share in the first quarter of 2012.The company said operating income was $176.6 million or $3.92 per diluted common share for the first quarter, compared to $155.5 million or $2.98, respectively, in the first quarter of 2012.RenRe CEO Neill A Currie commented: “We enjoyed strong first quarter results, with an annualised operating ROE of 22.5% and 4.8% growth in tangible book value per share plus dividends for the quarter.“Our results reflect strong underwriting profits, principally driven by our high-quality portfolio, the absence of significant catastrophe losses in the quarter, and solid total returns in our investment portfolio.”Mr Currie added: “We are working with our customers to meet their needs for the upcoming renewal period. Our long-standing customer relationships, experienced underwriting team and superior capital management put us in a strong position to construct an attractive portfolio of risks during this period."The company reported gross premiums written decreased $28.7 million, or 4.3%, to $635.4 million with the decrease being driven by catastrophe and specialty units, and partially offset by growth in the Lloyd's segment.Total investment income was $51.4 million, which includes the sum of net investment income, net realised and unrealised gains on investments and net other-than-temporary impairments, compared to $113.7 million.RenRe said the decrease was primarily driven by lower total returns in the company's fixed maturity investment portfolio, combined with lower returns in the Company's portfolio of other investments, principally driven by the Company's private equity investments.Other income improved $46.1 million to income of $7.0 million, compared to a loss of $39.1 million, primarily due to $8.7 million of income in the company's weather and energy risk management operations, compared to a loss of $35.5 million from such operations as a result of unusually warm weather experienced in parts of the United Kingdom and certain parts of the US during the first quarter of 2012.Gross premiums written in the Reinsurance segment were $561.1 million, a decrease of $48.6 million, or 8.0%, comprised of a $30.4 million decrease in the Company's catastrophe unit reflecting the non-renewal or renewal at lower rates for a number of contracts during the January 2013 renewals and an $18.2 million decrease in the Company's specialty unit, primarily due to the timing of certain multiyear contracts in the comparative quarter.