The group reported a combined ratio of 86.5%

RennaissanceRe has revealed a net loss of $394m for the first quarter of the year as it reveals losses of nearly $140m relating to natural catastrophes and Russia’s invasion of Ukraine.

The group reported a combined ratio of 86.5%, which included an impact of 7.0 percentage points from the Q1 2022 weather-related large losses and 1.8 percentage points related to the Russia-Ukraine War.

Q1 2022 weather-related large losses amounted to $113m, including the Australian Floods in February and March 2022, and Storm Eunice which impacted several areas in Europe in February 2022.

Meanwhile, net premiums written increased by $341m, driven by growth in casualty and specialty net premiums written of $459.4m.

In April, RenRe launched Fontana, a casualty and specialty joint venture.

Kevin O’Donnell, president and chief executive, said, “We would like to recognise the great human tragedy of the ongoing Russia-Ukraine War and hope for rapid cessation of hostilities and peace in the region.

”There were also numerous natural catastrophes this quarter and we would like to extend our sympathies to all those impacted.

“Our purpose is to protect communities and enable prosperity and these events reinforce the importance of our role in helping our stakeholders manage many different forms of volatility.

”For our shareholders, we delivered a solid double digit operating return while generating profits in both underwriting segments.

“Our balance sheet is strong and all three of our drivers of profit should benefit from improving market conditions: our underwriting from material rate increases across most lines as well as continuing growth in our Casualty and Specialty segment; our fee income business from the launch of our groundbreaking Casualty and Specialty joint venture Fontana; and our investment income from rising interest rates.

”We believe that all of these factors will make our financial results increasingly resilient to natural catastrophe volatility and produce superior returns for our shareholders.”