RenaissanceRe

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.

The deal includes AIG's AlphaCat platform.

The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favour of property cat reinsurance.

The reinsurer’s core management fee income was up by 50% year on year to $40.9mn.

RenaissanceRe won the Manager of the Year title, while Beazley’s cyber cat bond won the non-life transaction of the year.

The executive will stand for election at RenRe’s AGM in May.

Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.