RenaissanceRe

New registrations are expected from the ILS market.

The takeover was announced in October last year and all parties now anticipate closing the transaction “as soon as possible”.

Juan Prado was previously a senior vice president at RenaissanceRe Ventures.

Renaissance Re issued $857mn new shares for the vehicle last year, as well as $457mn in the January 2019 renewals.

Both Axis and RenaissanceRe significantly lifted fee income from third-party partners in 2018 as increased volumes and reinstatement income drove more business to be transferred to ILS partners.

Many Bermuda staff have only been offered short-term transition roles.

Kevin O’Donnell, CEO of the Bermuda-based company, said he expected reinsurance rates to rise in later 2019 renewals.

This came as the reinsurer’s DaVinci Re vehicle took heavy wildfire claims in Q4.

RenaissanceRe’s funds platform has taken significant losses.

Assets under management fell by around $5bn.

The Munich Re vehicle funded by Dutch pension fund service provider PGGM has reached $400mn for 2019.

The most recent cat bond lite issued by Kaith Re brings the total of Seaside Re deals to $112mn, up from $97mn for last year.