RenaissanceRe
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RenRe thinks the major cat losses of Q3 will cause the property cat market to harden throughout 2021.
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The Bermuda carrier will be an initial investor in Griffin Highline.
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Rising capital costs, not losses, will support reinsurance rate increases, the CEO argued. -
Nephila’s fall in AuM contributed to the trend of specialist firms shrinking, as reinsurer-backed assets were up modestly.
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CEO Kevin O'Donnell also noted that RenRe had dropped one-third of its Florida clients.
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The reinsurer did not provide an updated Covid-19 loss estimate.
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The former RenRe third-party capital chief joins the Bermudian ILS firm.
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RenaissanceRe CEO Kevin O'Donnell will take on responsibility for the firm's Ventures business on an interim basis.
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RenaissanceRe raised $913mn from a new share issuance last week, with joint venture partner State Farm investing a further $75mn.
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The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
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The sale of about 5.5 million shares would increase the carrier’s outstanding common stock by 12.5 percent.
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Even as Florida rates improve, the reinsurer said it expects to hold back capacity for net growth and potential new demand.
