RenaissanceRe
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The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close. -
The sale of about 5.5 million shares would increase the carrier’s outstanding common stock by 12.5 percent.
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Even as Florida rates improve, the reinsurer said it expects to hold back capacity for net growth and potential new demand.
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Two large ILS managers bucked the trend for alternative retractions, but traditional carriers recorded the fastest expansion.
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CEO Kevin O’Donnell said the firm was relying on cedents who advised of minimal property BI exposure.
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A surge in earned premiums and reserve releases helped profits climb to $108mn in the first quarter.
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Kevin O’Donnell said that several domestic insurers in Florida are now close to exhausting their 2017 treaties.
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The carrier contributed more than $100mn of the January intakes for its retro-focused Upsilon fund and the Medici cat bond fund.
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The firms said their relationship would see RenRe sourcing capital to provide Beazley with cyber catastrophe reinsurance cover.
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Both tranches of the transaction priced at the bottom of the guidance range.
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Pricing across the deal has slipped 1.5-3.2 percent, according to sources.
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RenaissanceRe CEO Kevin O’Donnell estimated the market took $12bn of losses and brought in $20bn of new capital in 2017.
