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Demand for longevity swaps has increased as Brexit approaches, the reinsurer said.
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Terms of the deal were not disclosed.
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Reinsurers are taking modest rate increases largely by “riding on the backs of primary writers”, Chubb CEO Evan Greenberg said recently.
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The Markel co-CEO also said that “noise” around the performance of new acquisition Nephila will clear up by year end. -
Its new acquisition offset lower revenues from the Markel Catco business, which will take about three years to run off.
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The platform was launched by Guy Carpenter in 2017, and this is the first year it has transacted deals.
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The new vehicle is expected to offer a range of property retrocession products on a collateralised or rated paper basis, or combination of the two.
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The retro-focussed Upsilon fund saw limited growth, while the Medici cat bond fund attracted $107mn in new capital.
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The RenRe CEO also flagged changes to the firm’s purchased and written retro portfolios in mid-year renewals.
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The reinsurer’s combined ratio deteriorated slightly due to Q2 weather events, as it benefited from retro recoveries.
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The withdrawal of Catco created retro opportunities for the reinsurer, according to the CEO.
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Initial market speculation was that the firm would focus on the sidecar market but it will pursue more of a mainstream ILS offering.
