RenaissanceRe Holdings Ltd. (RNR)

RNR 
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RenaissanceRe Holdings Ltd (RNR)

Q3 FY08 Earnings Call

October 29, 2008, 9:30 AM ET

Executives

David Lilly - Kekst and Company

Neill A. Currie - President and CEO

Kevin J. O'Donnell - Sr. VP, RenaissanceRe Holdings Limited and President, Renaissance Reinsurance Limited

William J. Ashley - President and CEO, Glencoe Group Holdings Limited

Fred R. Donner - EVP and CFO

Analysts

Tom Cholnoky - Goldman Sachs

Vinay Misquith - Credit Suisse

Brian Meredith - UBS

Rohan Pai - Bank of America

Ian Gutterman - Adage Capital Management

Presentation

Operator

Good morning. My name is May and I will be your conference operator today. At this time, I would like to welcome everyone to the RenaissanceRe Third Quarter 2008 Financial Results Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. [Operator Instructions]. Thank you.

Mr. Lilly you may begin your conference

David Lilly - Kekst and Company

Good morning. Thank you for joining our third quarter 2008 financial results conference call. Yesterday, after the market closed, we issued our quarterly release. If you didn't get a copy, please call me at 212-521-4800 and we'll make sure to provide you with one.

There will be an audio replay of the call available at 1 o'clock PM Eastern Time today through November 12 at 8 PM. The replay can be accessed by dialing 800-642-1687 or 706-645-9291. The passcode you will need for both numbers is 68124551. Today's call is also available through the Investors section of www.renre.com and will be archived on RenaissanceRe's website through midnight on January 7th, 2009.

Before we begin, I'm obliged to caution that today's discussion may contain forward-looking statements and actual results may differ materially from those discussed. Additional information regarding the factors shaping these outcomes can be found in RenaissanceRe's SEC filings to which we direct you.

With me to discuss today's results are Neill Currie, Chief Executive Officer; Fred Donner, Chief Financial Officer; Kevin O'Donnell, President of RenaissanceRe Insurance Limited and Bill Ashley, President and Chief Executive Officer of Glencoe Group Holdings Limited.

I would now like to turn the call over to Neill. Neill?

Neill A. Currie - President and Chief Executive Officer

Thank you, David and good morning every one. While the third quarter was unusual in that we sustained losses in our investment portfolio at the same time that we had catastrophe losses, we modeled such scenarios. So a quarter like this doesn't come as a surprise to us. We managed RenRe to be able to withstand a confluence of significant events and still be able to provide consistent, reliable service to our clients and workers.

So like it was in our first year of operation in 1993, and after the events of '01, '04 and '05, today it's business as usual for us at RenRe. Our team of scientists and engineers were in the field immediately after Ike and Gustav made land fall. Learning from these events to enable us to provide useful information to our customers and appropriately reward clients that are doing a great job underwriting catastrophe exposed business.

With our strong balance sheet, strong ratings and history of being one of the fastest claims payers in the business, our customers and workers rest assured we will pay our claims promptly and usually within 48 hours. Our longstanding relationships and position as a market leader give us access to the business we want to write. Our experience in risk management capabilities enable us to provide alternative solutions for our clients very quickly. And we put out large lead lines that our brokers and clients can be confident will be supported by the rest of the marketplace.

In addition to the capacity of RenaissanceRe, we also provide the substantial capacity of DaVinci Re and Top Layer Re... Top Layer Re is for international reinsurance. As a result of the investment in catastrophe losses coupled with our stock buybacks, tangible book value per share was down this quarter. We expect this to happen from time to time. We are willing to accept volatility over the short term and manage the company to increase tangible book value per share at an attractive rate over the long term.

There have been dislocations on many fronts recently, and out of dislocation comes opportunity. We are always monitoring new opportunities as they arrives and we have made strong hires in ventures reinsurance and the individual risk over the past year that will help us to be responsive to our customers' rapidly evolving requirements.

The current economic climate is likely to reapportion appetite for risk as a result of the volatility in company's investment portfolios and the difficulties companies face if they wish to raise capital. As Fred will explain shortly, we are perfectly capitalized to take advantage of opportunities as they present themselves, if they fit our business model.

RenaissanceRe has a track record of being there for customers at all times. But particularly at times such as these, consistently providing solutions when fear and uncertainty prevail and when capacity seems scarce. It's at times of crisis that the value of judicious risk management becomes most clearly apparent. The risk culture underpinning our entire organization has served us and our customers well, providing consistency and stability in extremely volatile world.

We enter the January 1 renewal season with a solid balance sheet and a superior underwriting talent base, ready to build on our industry leadership position, and leverage the expertise and innovation consistently exhibited by our organization.

Read the rest of this transcript for free on seekingalpha.com