RenaissanceRe Holdings Ltd swung to a profit of more than $200 million in the first quarter on light catastrophe losses.The Bermuda-based reinsurer trounced the analysts’ expectations as it recorded $356.6 million in revenue versus an estimated $300 million. Operating earnings per share of $2.98 also comfortably exceeded Wall Street’s estimates of $2.42.Net income of $201.4 million, or $3.88 per share in the first quarter of 2012, compared to the 2012 first-quarter net loss of $248 million, or $4.69 per share.Last year saw huge catastrophe losses from earthquakes in Japan and New Zealand and flooding in Australia, while the first three months of this year had little catastrophe activity.The difference was evident in the year-over-year combined ratio comparison, with this year’s 29.4 percent indicating strong underwriting profitability, while last year’s 230 percent reflected heavy losses.Chief executive officer Neill Currie said: “In the first quarter of 2012, we generated an annualised operating ROE (return on equity) of over 19 percent and increased our book value per share by 5.8 percent.“Our results reflect a light catastrophe loss quarter, strong investment returns and favourable development. We also benefited from a successful January 1 renewal season in which we deployed more capital, increased our premiums by over 30 percent in each of our Cat, Specialty and Lloyd’s units, and constructed an attractive portfolio of business.”RenRe saw growth in the amount of business it underwrote, compared to the first quarter of last year. Gross premiums written increased $53.6 million, or 8.8 percent, to $664.2 million.The company said it saw higher risk-adjusted pricing within its core lines of business during the January renewals, combined with continued growth within the Lloyd’s segment across most lines of business.Investment income was $113.7 million, up from $55.3 million in 2011. The increase in total investment income was primarily due to higher total returns in the company’s fixed maturity investment portfolio as a result of tightening credit spreads during the first quarter of 2012 and higher returns in the private equity investment portfolio.The company’s reinsurance segment experienced $46.8 million of favourable development on prior year reserves, compared to $72 million last year.RenRe’s Lloyd’s segment generated underwriting income of $1.1 million and a combined ratio of 95.6 percent, compared to an underwriting loss of $26.3 million and a combined ratio of 267.7 percent, primarily as a result of an increase in favourable development of $8.5 million due to reductions in estimated ultimate losses on certain specific events occurring in prior accident years and the absence of large losses during the first quarter of 2012, compared with the first quarter of 2011 and the increase in gross premiums written noted above.During the first quarter of 2012, the Company repurchased approximately 51,000 shares in open market transactions at an aggregate cost of $3.6 million and at an average share price of $71.81.