"Renaissance delivered another year of outstanding financial results in 2003, our 10th full year in business, with an operating return on equity of 29 percent," commented RenaissanceRe Chief Executive James Stanard.

Mr. Stanard said that, to his knowledge, RenaissanceRe had the best operating return on equity in the property-casualty business over the last 10 years. "From our roots in catastrophe reinsurance, we have increasingly applied our proven analytic skills and underwriting discipline in new areas of the market, developing a significant and profitable presence in specialty reinsurance and individual risk," he commented.

The company's net premiums written for the quarter came in at $165.4 million, up from $153.4 million reported during the 2002 fourth quarter. Net premiums earned for the 2003 fourth quarter were $299.4 million, improving from the $234.5 million reported for the same quarter in 2002.

For 2003 overall, net premiums written were $1.153 billion, compared to $923.7 million for 2002, while net premiums earned for 2003 came in at $1.116 billion, improving from $760.9 million reported for 2002.

The company noted that its total managed catastrophe premiums written?which represent gross catastrophe premiums written by Renaissance Reinsurance and related joint ventures?came in at $42.6 million for the fourth quarter, compared to $35.5 million one year ago. Total managed catastrophe premiums written for full-year 2003 were $720.4 million, up slightly from $716.5 million for 2002.

RenaissanceRe's total individual risk premiums written for the 2003 fourth quarter also rose to $111.5 million, from $97.6 million for the 2002 fourth quarter. Total individual risk premiums written for 2003 overall were $446.7 million, a 58 percent jump from the $282.6 million written during 2002.

The company's net investment income also improved for the quarter as well as for the full year. RenaissanceRe's investment income for the fourth quarter was $35.7 million, up from $29.7 million one year ago, while the investment income for 2003 improved to $129.5 million, from $102.7 million reported during 2002.

RenaissanceRe indemnifies insurers against excess losses on natural catastrophes, paying insurance claims that exceed a certain retained amount. The company also offers primary property insurance in the United States and Europe through its subsidiaries.

The firm is also part of property catastrophe reinsurer DaVinci Re, a joint venture with State Farm.