RenaissanceRe
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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce. -
The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
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Shares in the carrier rise more than 4 percent in the New York morning.
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Shares in the insurers rose higher than the broader market as states move toward cautiously reopening their economies.
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O’Donnell argued that market uncertainty about the breadth and depth of Covid-19 losses will reduce risk appetite and constrain the reinsurance supply.
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The reinsurer’s specialty book was hit with $104mn in coronavirus-related claims during the quarter.
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Ed Cruttenden will take on the role as Bryan Dalton becomes CUO for the Bermuda carrier’s European operations.
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The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
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The carrier reported an underwriting loss of $65.2mn for the quarter, slightly better than in the prior-year period.
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Gross reserves related to the former Tokio Millennium Re book were £160mn in September.
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The reinsurance partnership would support the expansion of Beazley’s fast-growing affirmative cyber book.
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A lower catastrophe burden buoys group profit but anticipated reserved strengthening prompts it to trim its full-year forecast.
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