Results

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

The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.

The sector has received a post-Covid boost heading into January, with strong interest in liquid cat bonds, but challenges around structures, pandemic exposures and lifting ESG commitments will remain.

Cat losses will cost up to $80mn, down from last year’s $140mn, as the carrier indicated underlying results continued to improve in Q4.

The latest issuances take the 2021 Seaside Re bonds to $136mn in total, down 10% from last year.

By year-end some bonds were trading at above-par levels that put implied spreads 15%-28% lower than mid-year when the deals were issued.

The carrier's 2020 net loss estimate remains intact after the buffer for potential Australian BI losses.

But Barclays warns the judgment could result in more substantial loss creep for major European reinsurers.

Slew of maturities and competitive pricing environment make the cat bond market attractive for sponsors, brokers say

Net assets across the manager’s interval and high-yield reinsurance funds totalled $3.82bn at 31 October, down 31% from a year earlier.

Defence costs are expected to remain elevated, as weather losses have also weighed on results.

A recent stress test found that Bermudian carriers pared back their reliance on reinsurance since 2018.