RenaissanceRe
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RenaissanceRe CEO Kevin O’Donnell explained on an earnings call his take on the mid-year renewals and a relatively low impact of the Ukraine war. -
The firm reported that net claims and claims expenses incurred related to the invasion had a $27.1mn negative impact in the casualty and specialty segment.
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Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”
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The new platform extends RenRe’s suite of ILS and reinsurance strategies.
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The carrier has introduced a number of ESG-focused roles, which sees Cathal Carr, SVP, underwriting, appointed as global head of climate and sustainability strategy.
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Executive pay at RenaissanceRe fell for the second year in a row in 2021 after a “disappointing” return for shareholders in a year of elevated natural catastrophes.
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Carr was previously SVP, global head of property catastrophe at the reinsurer.
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RenaissanceRe has nominated Shyam Gidumal to its board, while Jean Hamilton is set to retire from the board in May 2022.
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RenaissanceRe had raised $470mn for the high-risk fund platform a year earlier.
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The move has emerged after Axa XL and Hamilton took decisions to move reinsurance books out of Lloyd’s.
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Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.
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Casualty premiums grew 48% and the company raised $663mn in new capital for its alternative capital vehicles.
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