Stocks
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The manager has extended a fee discount to side-pocketed capital.
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RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.
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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.
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The executive, who was confirmed in her role earlier this month, bought 19,950 shares at the IPO price of 500 pence per share.
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The executive was previously an underwriter at Chubb Tempest Re and Odyssey Re.
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US contracts are still pricing at a 10%-15% premium to January 2020 levels, but excess retro capacity may impact the smaller market.
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The transaction, announced in December, covers around $130mn in premium for business in CT, NJ, MA, and RI, helping HCI expand beyond Florida.
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The company expects reinsurance to provide 78% of its $2.5bn gross written premium target.
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The retro and specialty vehicle launch comes as PartnerRe expands in retro and ILS.
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The issuance follows roughly $107mn of issuance across five series last year.
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The latest issuances take the 2021 Seaside Re bonds to $136mn in total, down 10% from last year.
