RenaissanceRe

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.

Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.

In its Q2 earnings call, CEO Kevin O’Donnell said that the company held its PMLs flat while taking the benefit of increased rate.

The firm’s Medici and Fontana vehicles were hit by foreign exchange losses.

The company’s property segment booked a combined ratio of 57.6%, 13.8 points higher compared to Q2 2021 due to a higher attritional loss ratio.

The hardening rate environment in Florida provided a mid-year opportunity for some, but overall there was little growth.

The segment’s lustre has been dulled by losses and capital trapping.