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Okay. Just in terms of introduction for those of you who are not familiar with RenaissanceRe or is familiar either -- not at all familiar or not as familiar as you’d like to be. RenaissanceRe is a leading and global provider of reinsurance and insurance coverages, through essentially three main underwriting units within company, our property cat unit, specialty reinsurance unit and then our Lloyd’s syndicate in London.RenRe was established in 1993 in Bermuda after Hurricane Andrew and although, we fluctuate a bit from time to time, the current market cap is about $3.9 billion. The company has achieved an operating ROE that’s averaged 22% since our inception and our tangible book value per share plus accumulated dividends which is the primary financial metric upon which we focus has grown at a compound annual rate of 20% since inception of the company. The company posses very high financial strength ratings from S&P, Moody’s and A.M. Best, with stable outlooks and also importantly an excellent ERM ratio -- rating from S&P. These are very important to business and business strategy. So just looking at our business model at the highest level, our mission is to produce superior returns for our shareholder over the long-term. We are not at all confused who we work for. Our vision is to be a leader in select financial services, are areas where we believe we understand risk extremely well. We intend to fulfill our mission envision by pursuing an identity of being and being recognized as the best underwriter in the world. So admittedly, that’s a pretty presumptuous statement. It’s not meant to sound the arrogant to be full of hubris, it’s really meant to reflect an aspirational goal for ourselves and that we can’t rely on past successes to achieve success in the future. We also that our competitors are getting better all the time and we have to consistently build and hone the skills that allow us to underwrite risk better than our peers.
It’s also to keep us focus on what we are good at and what we’re not good at, and businesses and activities where underwriting is the differentiator. We are not looking to be in businesses that are heavily process oriented or that require large scale management of direct sales forces or of claims personnel. We are a small company that is focused on bringing very complex risk solutions to our clients.Our strategy to achieve the mission, vision and identity is to employ an integrated system of competitive advantages to match risk and capital. As such, when we say we are inspired to be the best underwriter that implies a broad based expertise in nearly everything we do. You can’t be the best underwriter without consummate expertise in risk, analytics, modeling, finance, marketing and so on. So this is how we think about our business and our competitive advantages. And in each annual report we try to write down our thoughts on a particular subject, we think should be of interest to our shareholders. In our last three annual reports we’ve focused on what we believe our three key competitive advantages, superior customer relationships, superior risk selection and superior capital management. I suspect we are probably best known for the second one, superior risk selection and portfolio construction, but I think in essence one of the ones that is least well understood is the importance of superior customer relationships. In pursued to being the best underwriter we believe the only way to do that is by operating this competitive advantages as an integrated system. Having the best cap model where an underwriters in the world doesn’t matter if he can’t source the business that you want to underwrite. And similarly, our reputation as a firm, where we can share risk, weather and underwriter insights to our clients, as well as our ability to bring efficient capital to bear enhances our ability to source business. Read the rest of this transcript for free on seekingalpha.com