Renaissance Re suffered a drop of almost $40 million in its profits for the first quarter of 2009, despite an increase in new business opportunities, according to CEO Neill Currie.

Net income fell to $97.3 million or $1.57 per share in the first quarter from $137.2 million or $2.05 per share for the same period last year.

Mr. Currie said: "We generated an annualised operating ROE of over 15 percent and 2.3 percent growth in book value per share in the quarter. Although below our expectations in a light catastrophe quarter, our results also reflect over 20 percent growth in our managed catastrophe premiums due to a successful January 1 renewal season, fuelled by improving market conditions and increasing demand for property catastrophe reinsurance."