RenaissanceRe
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CEO Kevin O'Donnell said climate change was driving increases in cat loss frequency.
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Axis, RenRe, Arch and Everest Re trade roughly in line with the S&P 500. -
The Bermuda carrier will be an initial investor in Griffin Highline.
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The CEO says recent trends are affirming the assumptions made before the carrier’s $1bn equity raise.
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The reinsurer’s combined ratio improved to 78.5% from 81.3% in the prior year quarter.
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The former RenRe third-party capital chief joins the Bermudian ILS firm.
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The executive played a key management role in a group that has raised more than $1bn in the last year.
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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
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Shares in the carrier rise more than 4 percent in the New York morning.
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Shares in the insurers rose higher than the broader market as states move toward cautiously reopening their economies.
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O’Donnell argued that market uncertainty about the breadth and depth of Covid-19 losses will reduce risk appetite and constrain the reinsurance supply.
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