RenaissanceRe
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Fourth quarter inflows also included $111mn for its retro platform Upsilon -
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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The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.
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As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.
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The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.
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The reinsurer’s ILS vehicles delivered returns of $174.9mn to investors during the quarter, with improved returns from PGGM joint venture Vermeer and the Medici cat bond fund.
