RenaissanceRe

Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.

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.

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.

The number of staff retained contrasted with more dramatic cuts made after the acquisition of Tokio Millennium and Platinum.

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.

The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.

The Bermudian also disclosed that it raised $16.3mn of third-party capital in Medici during the quarter.

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.

The Bermudian’s global property CUO and European chief says it is ready to expand if conditions remain favourable.

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.

Large loss events resulted in a net negative impact of $68.5mn on the property segment’s Q2 underwriting results.

The reaction to capital raising this year signals that investor belief in risk-takers is reinvigorated.