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The Italian group previously halted writing catastrophe excess-of-loss business. -
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 capital management platform remains active but January renewals were fronted by the balance sheet.
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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 carrier has increased its retro capacity by 56% to EUR1.34bn.
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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.
