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The ILS manager’s half-year report showed significantly lower holdings with Everest Re, as much of its portfolio has gone private. -
The segment’s lustre has been dulled by losses and capital trapping.
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The agency said casualty risk was attractive to investors for its low-to-moderate correlation.
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Investors, fund managers and service providers are adapting in the face of potential large losses from secondary perils.
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The firm aims to build on the origination capability of Fleming Re and Accelerant.
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The incoming CFO brings with him more than 15 years of experience in financial services, insurance and capital markets.
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The incoming COO joins from PGGM, where he is currently a director within the credit and insurance-linked investments team.
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The carrier has shared insurance and reinsurance risk with ILS partners in the past, but the ILS team reports to Axis Re CEO Steve Arora.
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CEO Laurent Rousseau said the firm would step up actions to reduce performance volatility.
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The reinsurer booked a 104% combined ratio in Q1 on higher than expected cat losses and Ukraine claims, with P&C retro ceded premium up 37%.
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RenaissanceRe CEO Kevin O’Donnell explained on an earnings call his take on the mid-year renewals and a relatively low impact of the Ukraine war.
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Higher interest rates drove investment write-downs that offset a turnaround in underwriting performance after last year’s first quarter was hit by Uri losses.
