RenaissanceRe

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.

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

Shea has worked at RenRe for seven years, most recently having served as head of underwriting for credit before the promotion.

The moves follow RenRe’s positive feedback on January 1 renewals, and UPC selling most of its outstanding policies in Florida to InsurTech Slide.

The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said.

The Bermudian also raised third-party capital of $402.9mn effective January 1, 2023, including $377.2mn in DaVinci and the remaining in Medici.

The world’s largest investment company has assets under management of more than $10tn.