Reinsurers
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Helene losses were spread wider than initially suggested, in contrast to Milton claims. -
The latest issuance is the second cat bond RenaissanceRe has issued this year.
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The reinsurer took $743mn of nat-cat losses in the quarter.
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The sidecar was established to enhance RGA’s access to capital for its US asset intensive business.
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Fema's traditional reinsurance programme will attach at losses of $7bn and above.
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The outgoing CEO will leave the company at the end of March 2025.
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The bond offers a midpoint multiple of 4.1x with an expected loss of 0.92%.
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The firm sees a "robust" pipeline of potential investors ahead of the renewals.
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Ceded losses grew by 69.2% in Q3 from the prior year quarter to $44mn.
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Most of the losses derive from France.
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The firm is also integrating changes to its process to allow it to cover wider ground.
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The estimate implies a roughly $15bn homeowners’ industry loss from the hurricane.
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