Results
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Wildfire recoveries benefitted DaVinci investors and RenRe's retro partners in Q3. -
Faxai and Dorian claims pushed year-to-date cat losses taken by the P&C reinsurance unit to $1.1bn.
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This came as the deal priced at the bottom of the initial range at 515 basis points (bps), according to sources.
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The carrier’s ILS revenues tripled year on year after its Nephila acquisition.
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The firm made less fee income from reinsurance partnerships, but lifted insurance-related fees.
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Sidecar sponsor RenaissanceRe also posted a 40 percent uplift in Q3 fee income.
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The firm's reinsurance CEO John Doucette said the firm saw “select opportunities” to grow its retro book.
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The Everest Re sidecar shrank by $6mn, as the carrier fell to an underwriting loss for the quarter.
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Scor Global P&C CEO Jean-Paul Conoscente said the reinsurer’s main retro programme is expected to be placed within a fortnight.
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The carrier retained EUR92mn for Hurricane Dorian and EUR89mn for Typhoon Faxai.
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Catastrophe losses of $241mn added 3.3 percentage points to the combined ratio of 101.5 percent in Q3.
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The ratings agency has predicted a stronger 2019 performance as the group’s combined ratio improved to 99 percent.
