Results
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The carrier’s net natural perils cost of A$1.2bn overshot its allowance by A$290mn in a "significant" loss year ending 30 June. -
The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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The reinsurer’s large loss cession ratio was 17%, up from 12% in H1 2022.
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The executive also lambasted the growing tide of corporate regulation in Germany and the EU.
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Flooding in Italy during the second quarter cost the German reinsurer around EUR200mn.
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The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge.
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The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.
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The group is looking to grow in Florida and has applied for a November take-out of 75,000 policies from Florida Citizens.
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The reinsurance and ILS unit posted strong net premium growth supported by additional capital from Hiscox Group.
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The Bermuda sidecar was established last year to support property cat underwriting in a hard market.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The reinsurance result was boosted by the group’s acquisition of TransRe last year.
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