RenaissanceRe
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The carrier has introduced a number of ESG-focused roles, which sees Cathal Carr, SVP, underwriting, appointed as global head of climate and sustainability strategy. -
Executive pay at RenaissanceRe fell for the second year in a row in 2021 after a “disappointing” return for shareholders in a year of elevated natural catastrophes.
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Carr was previously SVP, global head of property catastrophe at the reinsurer.
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RenaissanceRe has nominated Shyam Gidumal to its board, while Jean Hamilton is set to retire from the board in May 2022.
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RenaissanceRe had raised $470mn for the high-risk fund platform a year earlier.
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The company’s DaVinci fund grew by $500mn as it took in a higher share of cat risk from the group.
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The third-party capital raise came in 24% lower than January 2021, as the DaVinci sidecar took most inflows.
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Manjit Varwandkar, who managed the parametrics product line at Sompo, will manage the Medici Fund.
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The CEO and president said he expects to shrink the portfolio for retro-focussed sidecar Upsilon.
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Performance declined at the reinsurer’s third-party ventures owing to Q3’s big cat events.
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The reinsurer grew GWP by 55% – to $1.77bn – helped by a surge in reinstatement premiums, but the company was weighed down by $727mn in net cat claims.
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Its $725mn estimated losses equated to 10% of shareholders’ equity and came in ahead of its Q3 2017 losses of $617mn.
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