RenRe posts record results, but 2007 prospects dwindle
Bermudian reinsurer RenaissanceRe reported record income and returns for 2006, but has tempered the good news with caution for growth prospects in 2007, citing a softening market and the impact of the Florida Government’s decision to increase its State-run Catastrophe fund.
The company had previously issued guidance that its catastrophe unit would write 15% more net business in 2007 than 2006, but now expects this growth to be wiped out and replaced by a fall of 5%
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