RenaissanceRe

The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.

The bond includes two layers protecting against annual aggregate and occurrence losses.

The market is characterised by rising prices and shrinking deal sizes as investors pick and choose over which bonds to back.

The transaction across two tranches is offering higher multiples compared to the 2021 Mona Lisa issuance, with pricing on the aggregate layer almost 80% up despite carrying a lower risk level.

The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.

The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.

Some firms have fared better than others in the competition to raise funds during the year.

The Bermudian reinsurer said both appointments are effective January 1, 2023.

The reinsurer raised $122mn in Q3, including $100mn for PGGM joint venture Vermeer and $22mn in its cat bond fund.

The company’s third-party assets dropped $178mn during Q3 to $4.2bn.

A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business.

The estimate is driven by $540mn of losses attributable to Hurricane Ian.