RenaissanceRe
-
This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce. -
Shares in the carrier rise more than 4 percent in the New York morning.
-
Shares in the insurers rose higher than the broader market as states move toward cautiously reopening their economies.
-
O’Donnell argued that market uncertainty about the breadth and depth of Covid-19 losses will reduce risk appetite and constrain the reinsurance supply.
-
A picture is emerging of the state of the reinsurance market heading into the mid-year renewals.
-
Notably, RNR also announced it raised an additional $925mn for its third-party vehicles—Medici, Vermeer, and Upsilon.
-
The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
-
The sector will see a slight dip in capital at the upcoming renewals, but growth prospects are strong, panellists at an S&P conference predict.
-
O'Donnell said the market is “missing the point” about the dangers of climate change.
-
The reinsurer expects to take a $100mn charge from Faxai and assume $55mn of Dorian liabilities.
-
Half of the $700mn capital raise was allocated to DaVinci “based on opportunities arising from organic growth”, he said.
-
The reinsurer beat estimates of $3.71 per share and reported raising $700mn in capital through third-party vehicles.
Most Recent
-
Daily Digest: Top news from November 22
November 22, 2024 -
Cyber attacks on supply chain up 431% since 2021: Cowbell
November 22, 2024 -
PE firm Capital Z takes $240mn minority stake in retail broker Leavitt
November 22, 2024