RenaissanceRe
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From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
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The RenRe CEO attributed the company’s success with third-party capital to making sure new vehicles meet client demands.
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The reinsurer has been reducing its exposure to domestic companies since 2019.
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RenRe CEO Kevin O’Donnell said cyber reinsurance rates were two fifths higher in Q2 than during the same period last year.
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RenRe beats estimates with $329mn underwriting income driven by a surge of profits in its property segment.
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New and growing carriers helped to fill out treaties as Sompo stepped back from a market that came in flatter than expected for remote risk.
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The executive also indicated that the reinsurer would be willing to grow at the Florida, if pricing reached what it viewed as adequate levels.
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The reinsurer grew premiums by 31% in the quarter overall, led by a 33% pickup in property premiums and 29% growth in casualty and specialty.
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Last year, RenRe reported an operating profit of $33mn in Q1 due to Covid-19 losses.
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The division had been led by group CEO Kevin O’Donnell on an interim basis following Aditya Dutt’s departure.
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Competition has ramped up over the last two years and now represents a threat to returns.
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The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.
