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This came as parent AIG said it had around $6bn of reinsurance limit available for 2023. -
The insured loss figure is higher than that estimated by Verisk, which said losses would exceed $1bn.
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Ron DeSantis has also announced proposals to modernize Florida’s "bad faith" law, in the latest set of reforms he described as the most “comprehensive in decades”.
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The cat XoL rate increase in Europe was over 40%, while the average attachment point of the global property cat business increased “meaningfully,” he added.
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The reinsurer’s combined ratio fell to 87.8% in Q4 2022, improving 4 points against the prior-year quarter.
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The head of property and specialty underwriting reinsurance posted on LinkedIn that he had brought forward his planned departure from the firm after 35 years.
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The Bermudian reported $15mn in catastrophe losses for the quarter, down from $125mn in the same period last year.
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The investment analysts wrote that market dislocation offered an opportunity to invest on attractive historic yields.
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The reinsurer’s overall retro programme increased by 56% as its whole-account and cat swaps also grew.
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The carrier said it achieved average risk-adjusted price increases of 30% on cat business.
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Shea has worked at RenRe for seven years, most recently having served as head of underwriting for credit before the promotion.
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The carrier is confident the positive cycle will continue as it prepares for April, June and July renewals.
