RenaissanceRe

Inside P&C’s news team runs you through the key highlights of the week.

The review will continue until the deal closes and the agency evaluates “organizational changes and strategic positioning within the new structure”.

The recent deal is accretive at 18% and will allow RenRe to take further advantage of the hard market.

The group exited an off-strategy business at an attractive valuation – now it must give a clearer indication of where it is going.

The carrier intends to use the cash raised as part of its consideration for Validus.

The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.

The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.

The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.

Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.

The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favor of property cat reinsurance.

Inside P&C’s morning summary of the key stories to get you up to speed fast.

The segment reported a 13.5-point improvement in its CoR to 56.5%, while maintaining a 14.6% growth in net written premiums.