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What happened, with direct paths to the underlying reporting
RNR's Q2 2024 operating income exceeded estimates by 14.1%. Revenue increased 41.8% year-over-year. Gross premiums written rose 29.2% to $3.4 billion, but missed expectations. Net premiums earned jumped 42.3% year-over-year. The Validus acquisition boosted investment income and assets significantly. Underwriting income grew 36.6% year-over-year to $479.3 million. Total expenses increased 44% due to higher claims and operational costs. Combined ratio slightly deteriorated to 81.1%. Book value per share reached $179.87, up 38.4% year over year. RNR has a Zacks Rank #4 (Sell).
- RNR's Q2 2024 operating income exceeded estimates by 14.1%. Revenue increased 41.8% year-over-year.
- Gross premiums written rose 29.2% to $3.4 billion, but missed expectations. Net premiums earned jumped 42.3% year-over-year.
- The Validus acquisition boosted investment income and assets significantly. Underwriting income grew 36.6% year-over-year to $479.3 million.
- Total expenses increased 44% due to higher claims and operational costs. Combined ratio slightly deteriorated to 81.1%.
- Book value per share reached $179.87, up 38.4% year over year. RNR has a Zacks Rank #4 (Sell).
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