RenaissanceRe
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Sven Wehmeyer, Jodie Arkell, Hugh Brennan and Ed Cruttenden have new roles.
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Strong reinsurance results have absorbed long-tail reserve charges.
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The initial plan was to renew $2.7bn of the acquired book.
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This was RenRe’s first set of quarterly results after its takeover of Validus.
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The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.
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Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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Other senior executives, including CFO Robert Qutub and general counsel Shannon Bender, received stock awards of $750,000 for their involvement in the Validus Re acquisition.
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The number of staff retained contrasted with more dramatic cuts made after the acquisition of Tokio Millennium and Platinum.
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After moving into the rank of fifth-largest reinsurer, following its acquisition of Validus, RenRe said it would continue to take a leading role in the regional cat space and expected to be more able to trade through market cycles.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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The Bermudian also disclosed that it raised $16.3mn of third-party capital in Medici during the quarter.
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