RenaissanceRe
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money. -
The reinsurer anticipates a $175mn hit from Covid-19 claims during the quarter.
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The move comes as environmental policies move up the list of investor priorities.
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He is replaced in the role by Shannon Lowry Bender, who starts work on 1 January next year.
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The syndicate has a £651mn stamp for 2021 as it looks to redeploy growth capital released from a recent adverse development cover.
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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.
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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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