Bermuda-based RenaissanceRe Holdings Ltd. yesterday reported a 66 percent jump in earnings with their posting of $605 million in net income for 2003 compared to $364.8 million the previous year.

And the company?s returns over the last decade of business ? the company was set up in the summer of 1992 after a void in property-catastrophe reinsurance developed following the devastation of Hurricane Andrew to the Eastern US seaboard in 1991 ? were cited by CEO James Stanard (pictured) as being the best in terms of operating return on equity.

?Renaissance delivered another year of outstanding financial results in 2003, our tenth full year in business, with an operating return on equity of 29 percent. To my knowledge, we have had the best operating return on equity in the property/casualty business over the last ten years. From our roots in catastrophe reinsurance, we have increasingly applied our proven analytic skills and underwriting discipline in new areas of the market, developing a significant and profitable presence in specialty reinsurance and individual risk.?

Mr. Stanard added: ?Looking into 2004, we anticipate strong growth in our specialty reinsurance premium and our individual risk premium. We now expect modest declines in our managed catastrophe reinsurance premium, as we are committed to maintaining our hurdle rates in an environment of declining prices. We are maintaining our operating earnings guidance for 2004 at $6.10 to $6.50 per share, assuming normal catastrophe activity.?

During the fourth quarter, RenRe reported net income of $164.8 million compared to $105.3 million during the same period a year previous.

RenRe calculated the net income available to shareholders after dividends were paid out on preference shares, totalling $18.8 million for the year and $4.9 million during the fourth quarter.

Net operating income for the company was $151.4 million in the fourth quarter compared to $105.8 million in the fourth quarter of 2002. Operating income was calculated as excluding realised investment gains of $8.6 million and a loss of $3.6 million in the fourth quarters of 2003 and 2002 respectively.

For the year net operating income was $524.1 million compared to $363.8 million during 2002. Operating income excluded realised investment gains of $80.5 million and $10.2 million 2003 and 2002 respectively.

Net investment income for the fourth quarter of 2003 was $35.7 million compared to $29.7 million for the same quarter in 2002. And net investment income for the year was $129.5 million compared to $102.7 million in 2002.