RenaissanceRe
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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.
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Further Covid losses, core loss ratio improvements, reserving and the duration of the cycle are key themes emerging from the reporting season.
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O’Donnell noted that the Bermudian has enjoyed the fruits of a “materially improving market” during January 1 renewals.
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RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
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The reinsurer anticipates a $175mn hit from Covid-19 claims during the quarter.
