RenaissanceRe Holdings Ltd. (NYSE:RNR) Q4 2022 Earnings Conference Call February 1, 2023 11:00 AM ET
Company Participants
Keith McCue - Senior Vice President, Finance & Investor Relations
Kevin O'Donnell - President and Chief Executive Officer
Bob Qutub - Executive Vice President and Chief Financial Officer
Conference Call Participants
Elyse Greenspan - Wells Fargo
Josh Shanker – Bank of America
Ryan Tunis – Autonomous
Meyer Shields – KBW
Yaron Kinar - Jefferies
Brian Meredith – UBS
Mike Zaremski - BMO
Keith McCue
Good morning, and welcome to RenaissanceRe's Fourth Quarter and Year-End 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 O'Donnell
Thanks, Keith. Thanks, everybody, for joining the call. We apologize about the technical difficulties. I'm going to read my comments again to make sure that everybody has the same information. I guess, I should feel blessed that I'm pleased to report the results. So it's my pleasure to read them a second time. I apologize for those who are out to hear them again.
Good morning, everybody, and thank you for joining today's call. We closed 2022 on a strong note with excellent Q4 financial results, reflecting solid performance across segments, favorable development and a rapidly growing contribution from investments. However, I'd like to begin today with a follow-up to my remarks last quarter. I discussed a series of changes we were seeking to ensure an increased margin of safety for investors in the face of mounting catastrophe losses, which exceeded $130 billion in 2022, as well as the continued effects of climate change, inflation and the increasing occurrence of secondary perils.
Importantly, I can now report that we accomplished all of the ambitious goals we set for ourselves in one of the most pivotal January 1 renewals in our history. Most notably, this includes a step change in property reinsurance pricing. These changes have resulted in a fundamental and necessary reset in the relationship between insurers and reinsurers -- promising more appropriate risk-adjusted returns to investors, while ensuring customers sustainable access to reliable, high-quality capacity.