RenaissanceRe Holdings Ltd. (NYSE:RNR) Q1 2023 Earnings Conference Call May 3, 2023 11:00 AM ET

Company Participants

Keith McCue - SVP, Finance and IR

Kevin O'Donnell - President and CEO

Bob Qutub - EVP and CFO

Conference Call Participants

Elyse Greenspan - Wells Fargo

Ryan Tunis - Autonomous

Josh Shanker - Bank of America

Yaron Kinar - Jefferies

Pablo Singzon - JPMorgan

Derek Han - KBW

Operator

Good morning. My name is Gretchen, and I will be your conference operator today. At this time, I would like to welcome everyone to the RenaissanceRe First Quarter 2023 Earnings Conference Call and Webcast. [Operator Instructions]

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, Gretchen. Good morning, and welcome to RenaissanceRe's first 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 would like to turn the call over to Kevin.

Kevin O'Donnell

Thanks, Keith. Good morning, everyone, and thank you for joining today's call.

Last night, we reported an annualized operating return on average common equity of 30%. This is a great start to the year and follows an equally strong finish to last year. This performance is the result of a consistent and differentiated strategy and an unrelenting focus on optimizing each of our three drivers of profit.

Going forward, the macroeconomic environment should be a strong tailwind to our performance. The reinsurance industry now enjoys several advantages, including: reinsurance supply is constrained due to a diminished appetite for volatility.

This has been true for third-party capital for several years. It is also increasingly true for equity investors. As a result, we have yet to see a significant influx of traditional capital into reinsurance markets. At the same time, reinsurance demand is increasing.