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RenaissanceRe's Profit Drops 29 Percent In 1Q

Stock quotes in this article: RNR  

NEW YORK (AP) — Insurer RenaissanceRe Holdings Ltd. on Wednesday missed Wall Street expectations and posted a 29 percent drop in first-quarter profit due to higher costs and lower income from investments.

During the quarter, the company earned $97.3 million or $1.57 per share, compared to $137.2 million or $2.05 per share a year earlier.

Its operating income for the quarter, which excludes gains and losses on investments, was $94.2 million, or $1.52 per share. ...

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