RenaissanceRe
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The firm said it expects Capital Partners to continue to grow. -
Performance fees soared by 605% to $27.5mn from $3.9mn in Q1 2023.
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Chris Parry said the denominator effect remains a suppressant on ILS inflows after a strong phase of returns.
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The acquiring reinsurer will now run off the business.
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The rise was helped by performance fees at DaVinci.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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Fourth quarter inflows also included $111mn for its retro platform Upsilon
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The Medici cat bond fund experienced the largest growth in AuM.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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Key names taking up senior roles at Validus include Sven Wehmeyer and Pablo Nunez.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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