RenaissanceRe Holdings Ltd. (NYSE:RNR) Q3 2022 Earnings Conference Call November 2, 2022 11:00 AM ET

Company Participants

Keith McCue – Senior Vice President-Finance and 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

Yaron Kinar – Jefferies

Meyer Shields – KBW

Brian Meredith – UBS

Ryan Tunis – Autonomous Research

Jimmy Bhullar – JPMorgan

Michael Phillips – Morgan Stanley

Operator

Good morning. My name is Chastity, and I will be your conference operator today. At this time, I would like to welcome everyone to the RenaissanceRe Third Quarter 2022 Earnings Conference Call and Webcast. After the prepared remarks, we will open the call for your questions. Instructions will be given at that time. [Operator Instructions] Thank you.

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. Good morning. Thank you for joining our third quarter financial results conference call. Yesterday, after the market closed, we issued our quarterly release. If you didn't receive a copy, please call me at (441) 239-4830 and we'll make sure to provide you with one.

There will be an audio replay of the call available from about 1:00 PM Eastern Time today through midnight on November 9. The replay can be accessed by dialing (800) 938-1598 U.S. toll-free or 1 (402) 220-1545 internationally. Today's call is also available through the Investor Information section of www.renre.com.

Before we begin, I'm obliged to caution that today's discussion may contain forward-looking statements and actual results may differ materially from those discussed. Additional information regarding the factors shaping these outcomes can be found in RenaissanceRe's SEC filings to which we direct you.

With us to discuss today's results are Kevin O'Donnell, President and Chief Executive Officer; and Bob Qutub, Executive Vice President and Chief Financial Officer.

I'd now like to turn the call over to Kevin. Kevin?

Kevin O'Donnell

Thanks, Keith. Good morning, everyone, and thank you for joining today's call. The third quarter was once again particularly active. The most significant event was Hurricane Ian, which was one of the costliest natural disasters to impact the United States, likely only second to Hurricane Katrina in 2005.

The other significant driver of third quarter results was the historic increase in interest rates, resulting in a retained investment loss of $340 million driven by mark-to-market losses on our fixed income and equity portfolios. Bob will discuss our investment return in greater detail in his comments.