An operating loss of $546.9 million, or $13.81 per share, for the third quarter has been reported by RenaissanceRe Holdings Ltd.

The Bermudian-based company’s net loss was $504.8 million, or $12.75 per share, which compares to a profit of $146 million for the same period in 2016.

Before the earnings were announced, a consensus of Wall Street analysts had estimated losses to come in at $12.11 per share.

In line with other insurers and reinsurers, the impact of hurricanes Harvey, Irma and Maria, and the Mexico City earthquake, had a major impact on revenue. Losses from the hurricanes and earthquake, together with aggregated loss contracts, were $615.1 million.

The company made an underwriting loss of $793.2 million, and had a combined ratio of 244.8 per cent for the quarter.

Gross premiums written were up $210 million, or 48.8 per cent, to $640.3 million.

Kevin O’Donnell, CEO, said: “This was a quarter that reminded the market of the volatility inherent in our business. We were once again able to demonstrate the benefit of being a long-term, dependable partner to our customers, paying claims rapidly and providing value beyond price.

“We executed well on our strategy, protected our capital, and our results were within expectations. I am proud of our team, which worked hard assessing losses, paying claims and writing new business against a background of multiple complex events.

“Looking forward, I am excited about the future. Our balance sheets, and those we manage, are fully capitalised and we are prepared for the opportunities we anticipate at the January 1 renewal.”

RenRe has sold $49.7 million of its shares in DaVinciRe to third-party shareholders, resulting in its noncontrolling economic ownership of DaVinciRe falling to 22.1 per cent as of October 1.

During the third quarter, RenRe bought back 270,000 of its common shares, at an aggregate cost of $38.9 million.