RenaissanceRe
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The new funds raised at 1 January are dedicated to its retro-focused Upsilon fund and its Medici cat bond strategy.
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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.
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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.
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Half of the $700mn capital raise was allocated to DaVinci “based on opportunities arising from organic growth”, he said.
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The reinsurer beat estimates of $3.71 per share and reported raising $700mn in capital through third-party vehicles.
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The executive will work alongside head of international catastrophe Andrew Mellor at the Bermuda reinsurer.
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The ILS market faces a test to recover position as it loses market share to traditional players.
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The Japanese carrier says loss derives mainly from an appreciation in the value of the yen since TMR’s launch in 2000.
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About 46 percent of shareholders disapproved of O’Donnell’s compensation in a non-binding advisory vote.
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First-quarter combined ratios deteriorated at most Bermuda-based (re)insurers.
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Reinsurers recognize the need for more rate for the risk being ceded, O’Donnell said on the firm’s Q1 call.
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