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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The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.
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The Bermudian’s global property CUO and European chief says it is ready to expand if conditions remain favourable.
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The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.
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Large loss events resulted in a net negative impact of $68.5mn on the property segment’s Q2 underwriting results.
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The reaction to capital raising this year signals that investor belief in risk-takers is reinvigorated.
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RenaissanceRe has said it hopes to retain as much as 90% of the Validus Re portfolio, but where are the highest areas of overlap by cedant?
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Morgan Stanley and Golman Sachs exercised in full their right to buy 945,000 shares in the company.
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The carrier intends to use the cash raised as part of its consideration for Validus.
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The deal is the third scale-up buyout for the firm, highlighting the ongoing value of scale in the reinsurance segment.
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The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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