Treaty Reinsurance

Guy Carp, Aon and TigerRisk are among the intermediaries that have submitted bids.

The carrier only bought $620mn of new private reinsurance limit as it didn’t want to lock in multi-year cover at current rates.

RenRe announced a ~$1bn share issuance yesterday, its first public raise since 2001. We think the move may challenge a decade-long intellectual orthodoxy of the “tipping point”.

The deal was announced in November last year, setting Fortitude Re on the path to independence.

CFO Mark Lyons spoke at an investor conference last week, pointing out potential offsets to Covid-19 losses due to lower frequency emerging.

The broker said that delaying the set-up of public-private partnerships would hinder economic recovery.

Shares in the carrier rise more than 4 percent in the New York morning.

The deal, first announced in March, secures Aspen $770mn in cover for losses in excess of $3.8bn, as well as $250mn in excess $4.8bn.

The carrier lifted its level of multi-year cover.

The impact of the pandemic on the mortgage insurance market has been muted thus far.

Yesterday marked the start of the first significant activist campaign targeting a public insurance company in 2020, following a tipping point last year with the ouster of Argo CEO Mark Watson by Voce.

The expansive broker adds another former JLT Re executive, intercepting Martin Stephenson’s move to Aon.