RenaissanceRe
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The reinsurer anticipates a $175mn hit from Covid-19 claims during the quarter. -
The move comes as environmental policies move up the list of investor priorities.
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He is replaced in the role by Shannon Lowry Bender, who starts work on January 1 next year.
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Across the P&C market, share prices outstripped the 1.16% uptick in the S&P 500 index and the 2.28% rise in S&P 500 financials.
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RenRe’s results commentary also raised again the prospect of an untipping point on third-party capital.
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CEO Kevin O'Donnell said climate change was driving increases in cat loss frequency.
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Axis, RenRe, Arch and Everest Re trade roughly in line with the S&P 500.
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The Bermuda carrier will be an initial investor in Griffin Highline.
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O’Donnell said that the environment of “pervasive claims fraud” remains unchanged in Florida.
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The reinsurer’s combined ratio improved to 78.5% from 81.3% in the prior year quarter.
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The former RenRe third-party capital chief joins the Bermudian ILS firm.
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The executive played a key management role in a group that has raised more than $1bn in the last year.
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