RenaissanceRe

The move has emerged after Axa XL and Hamilton took decisions to move reinsurance books out of Lloyd’s.

Kevin O’Donnell also said 1.5-point rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.

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.

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.

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.

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.

The RenRe CEO attributed the company’s success with third-party capital to making sure new vehicles meet client demands.

The reinsurer has been reducing its exposure to domestic companies since 2019.

RenRe CEO Kevin O’Donnell said cyber reinsurance rates were two fifths higher in Q2 than during the same period last year.

RenRe beats estimates with $329mn underwriting income driven by a surge of profits in its property segment.

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.