RenaissanceRe

With mixed results in the reinsurance space, the specialty pivot remains a "show-me" story.

The initial plan was to renew $2.7bn of the acquired book.

The Insurance Insider US news team runs you through the earnings results for the day.

Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.

Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.

Other senior executives, including CFO Robert Qutub and general counsel Shannon Bender, received stock awards of $750,000 for their involvement in the Validus Re acquisition.

The number of staff retained contrasted with more dramatic cuts made after the acquisition of Tokio Millennium and Platinum.

After moving into the rank of fifth-largest reinsurer, following its acquisition of Validus, RenRe said it would continue to take a leading role in the regional cat space and expected to be more able to trade through market cycles.

The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.

The Inside P&C news team runs you through the earnings results for the day.

The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.

A 15% tax is in the works, but appears manageable, and with (re)insurance being Bermuda’s largest industry, the territory will take steps to keep companies where they are.