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22 May 2012

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RenRe scraps Timicuan sidecar

4 August 2010

RenaissanceRe sidelined its $60mn Timicuan Florida wind sidecar for 2010 - a move that contributed to a year-on-year drop in managed catastrophe premium income.

The Bermudian also disclosed the July sale of its interest in financial guaranty reinsurer ChannelRe for $15.8mn.

RenRe attributed both the loss of $41.8mn in Q2 2009 gross premiums from Timicuan Re II and deteriorating market conditions to a 12 percent year-on-year drop in managed catastrophe premiums, which totalled $515.6mn for the quarter.

The Timicuan decision...

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