RenaissanceRe

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

The firm reported that net claims and claims expenses incurred related to the invasion had a $27.1mn negative impact in the casualty and specialty segment.

The committee is the most senior management team at the Bermuda company, responsible for governance and strategy of the firm.

Fontana investors will face a short lock-up period in the sidecar’s ramp-up phase, but thereafter there will be some “embedded liquidity.”

The new platform extends RenRe’s suite of ILS and reinsurance strategies.

The carrier has introduced a number of ESG-focused roles, which sees Cathal Carr, SVP, underwriting, appointed as global head of climate and sustainability strategy.

Carr was previously SVP, global head of property catastrophe at the reinsurer.

RenaissanceRe has nominated Shyam Gidumal to its board, while Jean Hamilton is set to retire from the board in May 2022.

The move has emerged after Axa XL and Hamilton took decisions to move reinsurance books out of Lloyd’s.

Both firms posted results and looked towards future pricing, loss cost trends, and renewals.

Kevin O’Donnell also said 1.5pt rises in ceding commissions for long-tail line treaties were an “acceptable” increase in acquisition costs, given improved underlying profitability.

Casualty premiums grew 48% and the company raised $663mn in new capital for its alternative capital vehicles.