RenaissanceRe
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The headline figure of $7.15bn includes $2.91bn of DaVinci equity plus debt. -
The property market remains “one of the most favorable ... I've seen in my career,” the executive said.
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The reinsurer raised $84.5mn of third-party capital in the quarter.
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A degree of pricing volatility was evident in the market this week.
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Pricing on the Class A notes settled 11% below guidance.
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The bond is offering investors a spread range of 1,050-1,150 bps.
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The firm said it expects Capital Partners to continue to grow.
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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”.
