RenaissanceRe
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Performance declined at the reinsurer’s third-party ventures owing to Q3’s big cat events. -
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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The figure – which included $440mn in losses from Hurricane Ida and $210mn from severe flooding in Europe – exceeds the $617mn in claims in the third quarter of 2017.
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From ESG to social inflation, systemic risk to cat risk, we highlight some of the top discussions from this year’s four-day virtual conference.
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Kevin O’Donnell also said he saw social inflation as more of a concern for the industry than climate change.
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Fee income – an area of patchy disclosure by reinsurers – was generally stable amongst early reporters.
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The reinsurer stepped off five Florida domestic insurance programmes but has taken more E&S risk in the southeast US.
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The reinsurer posted intakes to its Medici and Upsilon funds.
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The reinsurer upsized the transaction to $250mn, from a $150mn initial target.
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The catastrophe bond’s price guidance was also tightened from the initial offer.
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The issue, in conjunction with the DaVinci Re sidecar, follows a $400mn sale of the bond last year.
