RenaissanceRe

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.

The capital commitments to the vehicle have expired.

Shea has worked at RenRe for seven years, most recently having served as head of underwriting for credit before the promotion.

The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.

All four of the firm’s key third-party vehicles were profitable in the quarter.

The headline market drop in AuM belies a more lively growth story for funds operating outside of the ILS major league.

The world’s largest investment company has assets under management of more than $10tn.