PartnerRe

The ceded premiums were up more than sixfold after it set up a new sidecar.

The firm posted a combined ratio of 80% for its P&C segment and 72.5% for its specialty unit, improving from 97.6% and 100.2% in Q4 2020, respectively.

The reincarnated $9bn deal is moving a step closer to completion.

The Bermudian carrier took $188mn losses from Hurricane Ida and $60mn from the European floods.

However, the deal is low-to-mid ranking in terms of book multiple.

The two parties had previously negotiated a $9bn deal for the reinsurer last year, which was later scrapped.

The company grew P&C net written premiums by 47%, while the non-life combined ratio improved 32 points to 89% during the second quarter.

The carrier recorded average rate rises of 9% for P&C accounts renewing at 1 April.

Significant moves over the past month included the appointment of Chris Parry as global head of RenaissanceRe Capital Partners and the departure of Axis head of risk funding Ben Rubin, as well as an ILS launch at ERS and a new bond team moving to Credit Suisse ILS.

The carrier has recently gained sidecar investment by Covea and private equity firm Olympus Partners.

The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.

The transaction is a bearish signal for the post-Covid cat reinsurance market.