RenaissanceRe
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The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said. -
The Bermudian also raised third-party capital of $402.9mn effective January 1, 2023, including $377.2mn in DaVinci and the remaining in Medici.
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The world’s largest investment company has assets under management of more than $10tn.
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The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.
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The executive will continue to lead climate and sustainability underwriting initiatives in addition to his new role.
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The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.
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The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.
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The Bermudian reinsurer said both appointments are effective January 1, 2023.
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A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business.
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The estimate is driven by $540mn of losses attributable to Hurricane Ian.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.
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