Gross premiums written for the first quarter increased by more than 100 percent to $460.8 million, compared to $198.2 million for the same period last year. Net premiums written for the first quarter were $379.1 million, versus $121.2 million for the same quarter of 2001.

Net first-quarter premiums earned were $150.3 million, compared to $83.9 million for 2001.

Those premiums include $95.3 million of gross written premiums, $95.3 million of net written premiums and $23.6 million of net premiums earned by the company's joint venture, DaVinci Re. Premiums also include $34.9 million assumed from the OPCat Ltd. joint venture in connection with the previously announced decision of Overseas Partners Ltd. to exit the reinsurance business.

RenaissanceRe reported a return on equity of 31 percent for the first quarter and a record operating earnings per share of $3.72, compared with $1.84 for the same period in 2001.

Benefiting from the low level of catastrophes in the quarter, it reported a combined ratio of 48.1, compared with 75 for the same period last year.

"Our record first quarter demonstrates the earnings power of our business in a period with low catastrophe losses," said James N. Stanard, chairman and chief executive officer of RenaissanceRe.

Mr. Stanard said the company managed "substantial revenue growth across all our key business activities?catastrophe reinsurance, specialty reinsurance and catastrophe exposed commercial insurance."

He projected operating earnings per share of $12 to $12.50 for 2002, as a result of lower than usual first-quarter loss activity and expected increases in premiums during the year.