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The reinsurer said it had had to pay an increase on its loss-hit aggregate retro cover.
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This came as the reinsurer’s DaVinci Re vehicle took heavy wildfire claims in Q4. -
A key question is whether retro dislocation will spill over into reinsurance renewals.
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Newer vehicles found it harder to get going as sidecar sponsors struggled to hit their fundraising targets in the January renewals.
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The final couple of months of 2018 brought further pain for sidecar investors.
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The vehicle brings Bermuda-based PartnerRe’s managed third-party capital to $262mn as of January 2019.
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The insurer is exploring using the vehicle for a quota share as well as access to the firm’s Syndicate 5623.
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Rick Pagnani was most recently CEO of Everest Re’s Mt Logan vehicle.
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A new $213mn issuance has been added to an $87mn Eden Re tranche done in December.
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The size of the vehicle was not disclosed.
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The latest deal will provide the carrier with retro cover, Trading Risk understands.
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The Munich Re vehicle funded by Dutch pension fund service provider PGGM has reached $400mn for 2019.
