RenRe casts off ChannelRe; profits dip with Endurance
RenaissanceRe has sold its interest in financial guaranty reinsurer ChannelRe for $15.8mn.
The Bermudian revealed the sale as it joined compatriot Endurance Specialty Holdings in booking Q2 operating profits that were well down on the prior-year period after US markets closed yesterday.
RenaissanceRe had already fully written down its Channel Re investment with a $131.2mn charge in its 2008 financials.
The monoliner - which was formed in 2004 by RenaissanceRe, Koch Financial Corporation, Partner Re and MBIA - was decimated...
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