RenaissanceRe Holdings has reported a dramatic turnaround in third quarter results year-on-year, recording net income of $194 million after a net loss of $825 million in the prior year quarter.

Operating income for the quarter was $422 million, which compares with a $397 million loss in the prior year quarter.

Net investment income was $329.1 million, up 108.6 per cent from Q3 2022. Fee income was $64.6 million, up 150.9 per cent year-over-year.

Underwriting income was $385.8 million, which compares with a $683 million loss in the prior year quarter.

Kevin J. O’Donnell, president and chief executive officer, said: “In 2023, we continued to confidently execute our strategy and are pleased with the results we are achieving and excited about the future of our company.

“On November 1, 2023, we closed the acquisition of Validus Re, adding risk expertise and scale in a favourable market and building a solid foundation for the continued execution of our strategy.

“In addition, we reported strong results for the third quarter, delivering a 25.0 per cent operating return on average common equity driven by significant contributions from each of our three drivers of profit – underwriting, fee and investment income.

“As we approach the January 1 renewals, we remain resolutely focused on executing our strategy as a unified company, retaining the Validus portfolio and capturing additional attractive growth opportunities that support our customers and deliver value for our shareholders.”

The overall combined ratio for the quarter was 78.0 per cent, compared with 138.7 per cent in the prior year quarter.

Gross premiums written were $1.6 billion, compared with $2.2 billion in the prior year quarter.

Net premiums written were $1.4 billion, which compares with $1.8 billion in 2022.