reinsurance premiums.

The company said net operating income, excluding realised investment gains and losses, was $34.2 million or $1.75 per share, for the third quarter ended September 30, 2000, compared to $30 million or $1.46 per share, for the same period in 1999.

RenaissanceRe, which told analysts this month that earnings would be higher than expected, saw its shares close up $5 13/16 to $74, just $1.25 off its high for the year.

Net income for the quarter ended September 30, 2000 was $35.6 million or $1.83 per share, up 48.3 percent from $24 million or $1.17 per share in 1999.

James N. Stanard, chairman, president and CEO commented: "Our total managed catastrophe premium has increased by over 30 percent in 2000 relative to 1999.

"Looking forward to 2001, we are clearly positioned to benefit from further improvements in pricing that we are seeing in all areas of the catastrophe reinsurance business.'' For the nine months ended September 30, 2000, net operating income was $98.3 million or $5.07 per share compared to $89.6 million or $4.30 per share for the same period in 1999. Net income for the nine months ended September 30, 2000 was $89.4 million or $4.61 per share, compared to $78.0 million or $3.74 per share for the same period in 1999.

Gross premiums written for the third quarter of 2000 were $122.5 million compared to $97.6 million for the same quarter of 1999. Net premiums written for the third quarter of 2000 were $85.6 million compared to $58.2 million for the same quarter of 1999. Net premiums earned for the third quarter of 2000 were $73.3 million compared to $54.1 million for the same quarter of 1999.

Gross premiums written for the nine months ended September 30, 2000 were $380.6 million compared to $320.1 million for the same period of 1999.

Renaissance Net premiums written for the nine months ended September 30, 2000 were $253.7 million compared to $209.5 million for the same period of 1999.

Total managed catastrophe premiums written, representing gross catastrophe premiums written by RenaissanceRe Holdings Ltd. and by the OPCat Ltd. and Top Layer Re Ltd. joint ventures, were $113.8 million for the third quarter ended September 30, 2000 compared to $79.1 for the same quarter of 1999. Total managed catastrophe premiums written for the nine months ended September 30, 2000 were $372.4 million compared to $270.4 million for the same period of 1999.

Net investment income, excluding realized and unrealised investment gains and losses, for the third quarter of 2000 was $21.2 million, compared to $15.7 million for the same period in 1999. Net investment income for the first nine months of 2000 was $58.7 million compared to $42.9 million for the same period in 1999.

Claims and claim expenses incurred for the quarter ended September 30, 2000 were $29.9 million or 40.9 percent of net premiums earned. In comparison, claims and claim expenses incurred for the quarter ended September 30, 1999 were $19.4 million or 35.9 percent of net premiums earned. Claims and claim expenses incurred for the nine months ended September 30, 2000 were $72.5 million or 38.4 percent of net premiums earned. In comparison, claims and claim expenses incurred for the nine months ended September 30, 1999 were $56.1 million or 33.1 percent of net premiums earned.