UPDATE 1-RenaissanceRe Q1 profit beats Street view

Tue Apr 27, 2010 5:25pm EDT

* Q1 oper. EPS $1.91 vs est $0.77

* Investment income rises 60 pct April 27 (Reuters) - RenaissanceRe Holdings Ltd (RNR.N), a Bermuda reinsurer, reported quarterly profit above Wall Street estimates, helped partly by higher investment income.

Net income available to common shareholders for the first quarter was $165 million, or $2.73 a share, compared with a net profit of $97.3 million, or $1.57 a share, in the year-ago period.

Operating income, a measure commonly used by analysts, rose to $116.5 million, or $1.91 a share, compared with $94.2 million, or $1.52 a share, in the year-ago period.

Analysts on average expected the company to earn 77 cents a share, according to Thomson Reuters I/B/E/S.

The company recorded $124.5 million of net negative impact from the Chilean earthquake and Xynthia windstorm in the first quarter.

Net investment income for the quarter was $67.2 million, compared with an investment income of $42.1 million in the year-ago period.

Shares of the company closed at $55.37 Tuesday on the New York Stock Exchange. (Reporting by Supantha Mukherjee in Bangalore; Editing by Aradhana Aravindan)

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