RenaissanceRe

The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.

As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.

The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.

The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.

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.

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.

The investment firm’s ILS holdings were worth around $746mn at year-end 2022.

Removing any competitor is a positive for ILS peers in a competitive time for fundraising, but it is not clear how much of a boost this will give RenRe.

RenRe will be taking control of ILS manager AlphaCat as part of its purchase of Validus Re.

The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.

AIG will invest a significant amount into Fontana and DaVinci.

The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.