Call Start: 10:00 January 1, 0000 10:56 AM ET

RenaissanceRe Holdings Ltd. (NYSE:RNR)
Q3 2024 Earnings Conference Call
November 7, 2024, 10:00 AM ET

Company Participants

Keith McCue - Senior Vice President, Finance and IR
Kevin O'Donnell - President and CEO
Bob Qutub - Executive Vice President and CFO
David Marra - Executive Vice President and Group CUO

Conference Call Participants

Elyse Greenspan - Wells Fargo
Yaron Kinar - Jefferies
Ryan Tunis - Autonomous Research
Joshua Shanker - Bank of America
Meyer Shields - KBW
Mike Zaremski - BMO
Brian Meredith - UBS
David Motemaden - Evercore ISI

Operator

Good morning. My name is Jim, and I will be your conference operator today. At this time, I would like to welcome everyone to the RenaissanceRe Third Quarter 2024 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 would now like to turn the call over to Keith McCue, Senior Vice President of Finance and Investor Relations. Please go ahead, sir.

Keith McCue

Thank you, Jim. Good morning. And welcome to RenaissanceRe’s third quarter earnings conference call. Joining me today to discuss our results are Kevin O'Donnell, President and Chief Executive Officer; Bob Qutub, Executive Vice President and Chief Financial Officer; and David Marra, Executive Vice President and Group Chief Underwriting Officer.

First, some housekeeping matters. Our discussion today will include forward-looking statements, including new and updated expectations for our business and results of operations. 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. I am pleased to report that RenaissanceRe delivered another quarter of strong performance. We earned over $540 million of operating income. This represents an operating return on average common equity of 22%. Year-to-date, we have earned $1.8 billion in operating income and delivered a 26% operating return on equity. Our results this quarter were due to a strong performance by the entire team. I believe the superior returns we have been delivering can persist into 2025. Each of our three drivers of profit continues to perform well.