Bermudian-based RenaissanceRe Holdings Ltd has rebounded spectacularly year-over-year, reporting first-quarter net income available to common shareholders of $564.1 million.

That compares with a net loss of $394.4 million in the prior-year quarter.

Operating income available to common shareholders was $360 million, compared with $152 million in the first quarter of 2022.

Underwriting income for the quarter was $369.6 million (2022: $200.3 million).

Fee income was $44.8 million (2022: $28.3 million).

Net investment income was $254.4 million, 203.9 per cent growth compared with $83.7 million in Q1 2022.

Kevin J O’Donnell, president and chief executive, said: “We began the year with an excellent quarter, reporting an operating return on average common equity of 29.7 per cent driven by strong underwriting results, growing Capital Partners fees and increased net investment income.

“Looking forward, we expect these three drivers of profit to continue to improve, driven by ongoing strong demand for our products, increased fees from our Capital Partners business and a favourable investment environment.

“We are confident that the attractive reinsurance market will persist, providing us with many opportunities to deploy additional capital as the year progresses.”

RenRe reported a property combined ratio of 56.6 per cent and a casualty and specialty combined ratio of 92.9 per cent.

Property catastrophe net premiums written grew by $214.7 million, or 35.7 per cent. Growth was driven by significant rate increases, partially offset by a reduction in net reinstatement premiums of $44.8 million.

RenRe raised third-party capital of $621.2 million in the first quarter, comprised of $377.2 million in DaVinci and $244 million in Medici.

Subsequent to March 31, it raised an additional $145.9 million in Medici.

Shareholders’ equity attributable to RenRe grew by $540.3 million since December 31, 2022.