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Pine River Capital Management has parted ways with former Endurance executives Bill Jewett and Ken LeStrange and now plans to establish a sidecar-style reinsurer in the mould of Watford Re, sister publication The Insurance Insider has revealed
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RenaissanceRe has been trying to purchase a major new Florida retrocession cover providing up to $275mn of limit above a $75mn deductible in an attempt to take advantage of the soft retro market, Trading Risk can reveal.
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Swiss Re has handed capital back to investors in its Sector Re sidecar after a brief expansion of the vehicle in 2013, sources said.
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The reinsurance market is starting to show some signs of undisciplined behaviour as the 1 June Florida renewals season gets underway, RenaissanceRe CEO Kevin O'Donnell said on the company's Q1 earnings call.
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Lancashire reported an 11 percent drop in property gross written premiums for the first quarter as expansion in its property catastrophe excess of loss portfolio failed to offset the pull back from property retrocession business.
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Managed catastrophe premiums written by RenaissanceRe in the first quarter fell 6.4 percent to $496mn, reflecting the impact of lower premium rates.
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AlphaCat's underwriting results for the first quarter benefited from favourable development on catastrophe losses recorded in prior years, according to quarterly financials from its parent Validus Group.
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Everest Re's property catastrophe reinsurance sidecar Mt Logan Re has taken its assets under management (AuM) past the $400mn mark following an additional capital raise at 1 April, according to the reinsurer's first quarter earnings call.
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Everest Re said it is increasingly using alternative reinsurance capacity "both offensively and defensively" as part of its strategy to optimise returns, as it reported first quarter earnings that were ahead of Wall Street forecasts.
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Pine River Capital Management has parted ways with former Endurance executives Bill Jewett and Ken LeStrange and now plans to establish a sidecar-style reinsurer in the mould of Watford Re, sister publication The Insurance Insider has revealed.
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A number of Bermudian reinsurers have significantly reduced their net probable maximum loss (PML) figures for major catastrophe events as of 1 January 2014 after topping up on retrocession cover, analysis by sister publication The Insurance Insider's Data Room shows.
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Premiums softened by more than expected at the 1 April reinsurance renewals as reinsurers showed they were not prepared to be beaten on price by alternative capital, brokers said.
