Re/insurers

Executive pay at RenaissanceRe fell for the second year in a row in 2021 after a “disappointing” return for shareholders in a year of elevated natural catastrophes.

TigerRisk Partners has added two new brokers to its delegated authority business, including entering the Australian market as it appointed Simon Chandler as head of reinsurance broking programmes and binders.

The pricing on Inigo Insurance’s Montoya Re catastrophe bond has settled at 675 basis points (bps), or the top end of guidance, Trading Risk understands.

Mitsui Sumitomo Insurance Co and Aioi Nissay Dowa Insurance Co have downsized the Tomoni Re catastrophe bond to $190mn-$245mn over two notes, compared with the initial offering of $240mn over four notes of $60mn each, Trading Risk understands.

The corporation’s major losses tallied £3bn, half the level of 2020, with Hurricane Ida driving half these claims.

The limit has increased by 5.5% on cover of $1,930mn placed last year.

Tuttle has more than 35 years’ experience in P&C broking and cat modelling.

The purchaser is known for having a very low cession ratio, although it said it would leave Alleghany to operate independently.

The company will withdraw all of its outstanding ratings on Russian firms before 15 April, having already announced the suspension of its Russian operations.

Carr was previously SVP, global head of property catastrophe at the reinsurer.

The transaction will create a reinsurance entity roughly on a par with Scor in terms of net reinsurance premium.

The pricing has settled at the mid-to-top end of guidance across the three tranches.