RenaissanceRe

The reinsurer upsized the transaction to $250mn, from a $150mn initial target.

The catastrophe bond’s price guidance was also tightened from the initial offer.

The issue, in conjunction with the DaVinci Re sidecar, follows a $400mn sale of the bond last year.

New and growing carriers helped to fill out treaties as Sompo stepped back from a market that came in flatter than expected for remote risk.

The reinsurer said it had significantly grown its casualty underwriting portfolio, but also returned $230mn via share buybacks to mid-April.

Last year, RenRe reported an operating profit of $33mn in Q1 due to Covid-19 losses.

Lynette Pirilla Walter takes on the chief legal officer role as John Drnek joins the firm in Bermuda as general counsel.

Significant moves over the past month included the appointment of Chris Parry as global head of RenaissanceRe Capital Partners and the departure of Axis head of risk funding Ben Rubin, as well as an ILS launch at ERS and a new bond team moving to Credit Suisse ILS.

The division had been led by group CEO Kevin O’Donnell on an interim basis following Aditya Dutt’s departure.

The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.

RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.

RenRe boosted its stake in DaVinci to 29% after buying $119mn of shares from third parties.