RenaissanceRe
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Casualty premiums grew 48% and the company raised $663mn in new capital for its alternative capital vehicles. -
The executive said social inflation, fraud, and other loss drivers have driven up the cost of storms, and contributed to model miss.
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The reinsurer grew GWP by 55% – to $1.77bn – helped by a surge in reinstatement premiums, but the company was weighed down by $727mn in net cat claims.
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The figure – which included $440mn in losses from Hurricane Ida and $210mn from severe flooding in Europe – exceeds the $617mn in claims in the third quarter of 2017.
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From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
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The RenRe CEO attributed the company’s success with third-party capital to making sure new vehicles meet client demands.
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The reinsurer has been reducing its exposure to domestic companies since 2019.
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RenRe CEO Kevin O’Donnell said cyber reinsurance rates were two fifths higher in Q2 than during the same period last year.
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RenRe beats estimates with $329mn underwriting income driven by a surge of profits in its property segment.
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New and growing carriers helped to fill out treaties as Sompo stepped back from a market that came in flatter than expected for remote risk.
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The executive also indicated that the reinsurer would be willing to grow at the Florida, if pricing reached what it viewed as adequate levels.
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The reinsurer grew premiums by 31% in the quarter overall, led by a 33% pickup in property premiums and 29% growth in casualty and specialty.
