RenaissanceRe
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Several (re)insurer reporters do not anticipate the rate momentum to slow down materially even as they build on exposure growth. -
The executive also indicated that the reinsurer would be willing to grow at the Florida, if pricing reached what it viewed as adequate levels.
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The reinsurer grew premiums by 31% in the quarter overall, led by a 33% pickup in property premiums and 29% growth in casualty and specialty.
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Last year, RenRe reported an operating profit of $33mn in Q1 due to Covid-19 losses.
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The next few years could prove to be more active in consolidation than normal for underwriters.
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The division had been led by group CEO Kevin O’Donnell on an interim basis following Aditya Dutt’s departure.
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Insurers face the difficult balancing act of signaling optimism to investors as they seek to push rate rises.
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The first week’s reporters present a conundrum around whether or not we will see ROE expansion in 2021.
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O’Donnell noted that the Bermudian has enjoyed the fruits of a “materially improving market” during January 1 renewals.
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
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Inside P&C’s research team examines some of the areas that will be closely watched during the results season.
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Inside P&C places the key news from the past week under the microscope.
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