RenaissanceRe

Improved performance and growing investment returns played a role in the upgrade.

Cat portfolios generally grew, but casualty approaches varied.

Wind season remains an important variable, but also might not change current dynamics significantly.

The property segment reported a CoR of 27.4% for the quarter, down 26.5 points year on year.

The reinsurer has also appointed Mehdi Benleulmi as global head of credit.

Chance Gilliland spent a decade at Chubb underwriting property binders.

The firm said supply and demand was becoming more in balance than at 1 January renewals.

The property segment experienced a 113.5-point impact from the California wildfires.

He will oversee Ascot’s US and Bermuda insurance and reinsurance companies.

Sources warned some property XoL books are already running 50% loss ratios.

Deteriorating CoRs, GWP growth and fears over wildfire impacts were common themes.

The reinsurer is ready to deploy additional capacity following the event, but only if prices are commensurate with risk.

Hurricane Milton brought the firm net losses of $270mn in Q4, while it forecast up to a $750mn wildfire hit for Q1.

The reinsurer tends to support a number of syndicates where it has a potential relationship.

In other property, Helene and Milton will assure rates remain attractive, he added.

Hurricane Milton is estimated to have a net negative impact of $275mn on Q4 results.

Everest Re bucked a more general trend to keep cat exposure stable.

The property market remains “one of the most favourable... I've seen in my career", he said.

The property CoR improved by 9.1 points, while casualty and specialty’s fell 5 points.

The specialty treaty market is preparing to deal with the fallout from the Baltimore bridge disaster.

The Bermudian has been reducing exposure in Florida for almost a decade.

The property CoR improved by 13.7 points, while casualty and specialty’s deteriorated by 6.7 points.

The 100% equity award will vest in full after five years.

Sven Wehmeyer, Jodie Arkell, Hugh Brennan and Ed Cruttenden have new roles.

Strong reinsurance results have absorbed long-tail reserve charges.

The initial plan was to renew $2.7bn of the acquired book.

This was RenRe’s first set of quarterly results after its takeover of Validus.

The segment has bounced back from its mid-2022 nadir, but its current zenith is not that much to shout home about.

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.