RenaissanceRe Holdings Ltd. (NYSE:RNR) Q2 2023 Earnings Conference Call July 26, 2023 11:00 AM ET
Company Participants
Keith McCue - SVP, Finance & IR
Kevin O'Donnell - President, CEO & Director
Robert Qutub - EVP & CFO
Conference Call Participants
Elyse Greenspan - Wells Fargo Securities
Ryan Tunis - Autonomous Research
Yaron Kinar - Jefferies
Michael Zaremski - BMO Capital Markets
Joshua Shanker - Bank of America Merrill Lynch
Meyer Shields - KBW
Brian Meredith - UBS
Operator
Good morning. My name is Chelsea, and I will be your conference operator today. At this time, I would like to welcome everyone to the RenaissanceRe Second Quarter 2023 Earnings Conference Call and Webcast. After the prepared remarks, we will open the call for your questions. Instructions will be given at that time. Lastly, if you should need operator assistance, please press star 0. Thank you, and I will now turn the call over to Keith McCue, Senior Vice President of Finance and Investor Relations. Please go ahead.
Keith McCue
Thank you, Chelsea. Good morning, and welcome to RenaissanceRe's Second Quarter 2023 Earnings Conference Call. Joining me today to discuss our results are Kevin O'Donnell, President and Chief Executive Officer; and Bob Qutub, Executive Vice President and Chief Financial Officer.
First, some housekeeping matters. Our discussion today will include forward-looking statements. It's important to note that actual results may differ materially from the expectations shared today. Additional information regarding the factors shaping these outcomes can be found in our SEC filings and in our earnings release.
During today's call, we will also present non-GAAP financial measures. Reconciliations to GAAP metrics and other information concerning non-GAAP measures may be found in our earnings release and financial supplement, which are available on our website at renre.com. And now I'd like to turn the call over to Kevin. Kevin?
Kevin O'Donnell
Thanks, Keith. Good morning, everybody, and thank you for joining today's call. We are pleased to report that RenRe delivered strong second quarter results that combine consistent bottom line profitability with continued top line growth. This growth was particularly robust in our property catastrophe business, where we continue to observe significant rate momentum. For the quarter, we reported an annualized operating return on average common equity of 28.8%, even with the dilution from the quarter's equity issuance.
On a quarter -- excuse me, on a year-to-date basis, our operating ROE is running at almost 30%. Of course, our most prominent strategic milestone this quarter was the announcement that we are acquiring AIG's treaty reinsurance platform, Validus Re. I will highlight some of the key business reasons we are excited about this transaction. Bob will then cover the financial details, including our recent equity and debt issuances to help finance the transaction.