Bermudian-based reinsurance and insurance firm RenaissanceRe has posted profits of $92.4 million for the first quarter of the year.

The figure, equal to $2.25 per common share, is down $35.6 million on the first quarter of last year.

Kevin O’Donnell, CEO of RenRe, said: “We remained disciplined during a successful first quarter renewal and constructed an attractive portfolio of risk.”

He added: “Our first quarter results were impacted by an increase in our combined ratio with the Ogden rate change driving prior accident years and an increase in individual claims affecting the current accident year.”

But Mr O’Donnell said: “We have the right strategy to navigate a challenging reinsurance market and we are well positioned to continue to build shareholder value over the long term.”

Gross premiums for the period increased by $60 million or seven per cent to $922.1 million over the period compared to the first quarter of last year.

Total investment result was a gain of $97.7 million for the quarter, a annualised total investment return of 4.1 per cent.

Underwriting income amounted to $42.4 million, which included net adverse development on prior accident years of $33.5 million, attributed to the UK change in the Ogden rate.