Results
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The carrier's ILS assets under management remain in line with prior estimates, at $1bn deployable capacity. -
The carrier reported overall rate increases of 18% in the London market in the first nine months of the year, with reinsurance up 12%.
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The reinsurer’s CFO warns pandemic “is not over” and declines to guide on year-end result.
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Cat claims stemmed from hurricanes Laura, Sally and Isaias, the Midwest derecho and California wildfires.
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The company’s gross written premiums were up 16% in the period year on year.
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Natural catastrophes during the quarter cost the insurance group $219mn.
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The carrier transferred $44mn from a holding company to its insurance subsidiary in the quarter.
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The carrier also reported lower managed premiums, which weighed on its results.
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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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RenRe suffered nearly $322mn in net catastrophe losses in the third quarter, with a further $100.6mn going to third-party investors.
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Markel's ILS revenue dropped 30% amid Catco run-off and growing side-pocketed assets at Nephila.
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Nat cat events make up over two-thirds of the Q3 losses, with Covid-19 claims accounting for 23%.
