* Q1 oper. EPS $1.91 vs est $0.77
* Investment income rises 60 pct
April 27 (BestGrowthStock) – RenaissanceRe Holdings Ltd (RNR.N: ), a
Bermuda reinsurer, reported quarterly profit above Wall Street
estimates, helped partly by higher investment income.
Net income available to common shareholders for the first
quarter was $165 million, or $2.73 a share, compared with a net
profit of $97.3 million, or $1.57 a share, in the year-ago
period.
Operating income, a measure commonly used by analysts, rose
to $116.5 million, or $1.91 a share, compared with $94.2
million, or $1.52 a share, in the year-ago period.
Analysts on average expected the company to earn 77 cents a
share, according to Thomson Reuters I/B/E/S.
The company recorded $124.5 million of net negative impact
from the Chilean earthquake and Xynthia windstorm in the first
quarter.
Net investment income for the quarter was $67.2 million,
compared with an investment income of $42.1 million in the
year-ago period.
Shares of the company closed at $55.37 Tuesday on the New
York Stock Exchange.
Stock Today
(Reporting by Supantha Mukherjee in Bangalore; Editing by
Aradhana Aravindan)
UPDATE 1-RenaissanceRe Q1 profit beats Street view
