quarter profit jumped 60 percent, the Bermuda-based property catastrophe reinsurer said yesterday.

Profit for the quarter ended September 30, 1995 was $41.9 million, or $1.68 per share, compared to $26.2 million or $1.15 per share for the same quarter last year.

"RenaissanceRe posted $16 million of claims in the third quarter resulting from hurricanes Erin, Luis and Marilyn.

"In fourth quarter, the company expects to post a reserve of $10 million for Hurricane Opal based on the current industry loss estimate of $2.1 billion,'' the company said.

Erin, Luis and Marilyn were third quarter events while Opal, which struck earlier this month, was a fourth quarter event.

For the first nine months of 1995, RenaissanceRe netted $122.5 million, or $5.21 per share, up 90 percent from the $64.4 million, or $2.38 per share, reported for the same period a year earlier.

"I am pleased that the company's record third quarter earnings boosted total equity in Renaissance Reinsurance Ltd., the company's operating company, to $518.2 million,'' said company chairman, president and CEO Mr. James Stanard.

Third quarter premiums written were $80.3 million, a 9.6 percent increase over the $73.2 million reported for the same quarter a year earlier.

Claims and claim adjustment expenses for the quarter were $31.9 million compared to $28.9 million for the same quarter a year earlier.

Total third quarter revenues rose 21.8 percent to $86.9 million compared to $71.4 million earlier.

Investment income soared about 300 percent to $1.2 million compared to $293,000 for the same quarter a year earlier.

Expenses rose to $45 million, up 12.8 percent from the $39.9 million reported earlier.

Total assets at September 30 were $760.4 million, up 49.3 percent for the $509.4 million reported a year earlier.

Book value per common share at September 30, 1995 was $17.43 compared to $11.79 a year earlier.

The company's stock closed at $25.375 yesterday.

The third quarter results are the insurer's first ever as a publicly-held company.

RenaissanceRe's fully subscribed initial public offering (IPO) of 2.7 million common shares sold at $19.50 per share generated $48,951,000 in new capital, the company said July 27. Proceeds went to pay down a portion of the company's $120 million outstanding revolving credit facility set up in connection with initial capitalisation. The company, set up the reinsurer in June 1993 with a reported $141.2 million in capital, had indicated plans to go public several months ago but opted against the move, citing a poor investment climate.

RenaissanceRe, which commenced operations June, 1993 with initial capitalisation of $140 million, was formed with investments from Warburg, Pincus Investors, LP, trustees of General Electric Pension Trust, GE Investment Private Placement Partners I, LP and USF&G Corp.

RenaissanceRe Holdings, through its wholly-owned subsidiary Renaissance Reinsurance Ltd., provides property catastrophe reinsurance to selected insurers and reinsurers worldwide.