RenaissanceRe
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Axis, RenRe, Arch and Everest Re trade roughly in line with the S&P 500. -
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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This comes after Everest Re previously let a mid-year renewal lapse, with ILS capacity scarce.
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Shares in the carrier rise more than 4 percent in the New York morning.
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Shares in the insurers rose higher than the broader market as states move toward cautiously reopening their economies.
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O’Donnell argued that market uncertainty about the breadth and depth of Covid-19 losses will reduce risk appetite and constrain the reinsurance supply.
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A picture is emerging of the state of the reinsurance market heading into the mid-year renewals.
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Notably, RNR also announced it raised an additional $925mn for its third-party vehicles—Medici, Vermeer, and Upsilon.
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