RenaissanceRe
-
RenRe CEO Kevin O’Donnell said cyber reinsurance rates were two fifths higher in Q2 than during the same period last year. -
The reinsurer has been reducing its exposure to domestic companies since 2019.
-
RenRe beats estimates with $329mn underwriting income driven by a surge of profits in its property segment.
-
Following strong year-to-date performance, P&C stocks were down in June after a change of tone in a Fed meeting.
-
The changing reinsurance market dynamics are impacting reinsurers' ability to raise rates.
-
New CEOs were not able to consistently create higher book value growth than their predecessors, and any growth achieved wasn’t maintained after five years.
-
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.
-
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.
-
Last year, RenRe reported an operating profit of $33mn in Q1 due to Covid-19 losses.
-
The next few years could prove to be more active in consolidation than normal for underwriters.
-
The division had been led by group CEO Kevin O’Donnell on an interim basis following Aditya Dutt’s departure.
Related
-
Ascot appoints RenRe’s Amen as North America CEO
April 08, 2025 -
Bermuda 2024 reserves review: The problem with pivoting
March 10, 2025 -
RenRe Q4 CoR deteriorates 15.7 points to 91.7% on Milton losses
January 28, 2025 -
Everest’s quandary: Finish what Andrade started or change course?
January 14, 2025