RenaissanceRe
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The Bermudian has been reducing exposure in Florida for almost a decade.
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The property CoR improved by 13.7 points, while casualty and specialty’s deteriorated by 6.7 points.
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The 100% equity award will vest in full after five years.
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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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The deal represents RenRe’s third Bermuda consolidation deal following Platinum and TMR.
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The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favour of property cat reinsurance.
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The segment reported a 13.5-point improvement in its CoR to 56.5%, while maintaining a 14.6% growth in net written premiums.
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The executive will stand for election at RenRe’s AGM in May.
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The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said.
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The Bermudian also raised third-party capital of $402.9mn effective January 1, 2023, including $377.2mn in DaVinci and the remaining in Medici.
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The world’s largest investment company has assets under management of more than $10tn.
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The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.
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The executive will continue to lead climate and sustainability underwriting initiatives in addition to his new role.
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The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.
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The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.
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The Bermudian reinsurer said both appointments are effective January 1, 2023.
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A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business.
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The estimate is driven by $540mn of losses attributable to Hurricane Ian.
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This publication’s review of H1 disclosures shows how listed (re)insurers’ nat cat losses have tallied with aggregate projections.
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Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.
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The carrier said increased demand should maintain upward rate pressure at January 1.
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The company’s property segment booked a combined ratio of 57.6%, 13.8 points higher compared to Q2 2021 due to a higher attritional loss ratio.
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RenaissanceRe has always been a business with strong convictions and an assured management team, willing to carve out a path distinct from competitors.
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Sudhir Modhvadia will be based in London and report to head of facultative Alex Shepherd.
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RenaissanceRe CEO Kevin O’Donnell explained on an earnings call his take on the mid-year renewals and a relatively low impact of the Ukraine war.
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