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The RenRe CEO also flagged changes to the firm’s purchased and written retro portfolios in mid-year renewals. -
The reinsurer’s combined ratio deteriorated slightly due to Q2 weather events, as it benefited from retro recoveries.
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The withdrawal of Catco created retro opportunities for the reinsurer, according to the CEO.
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A total of $23.3mn is being held across bonds from 2017 and 2018.
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The firm has settled with Fredricks and will enter binding arbitration with Belisle.
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Retro brokers are itching to get back to the driver’s wheel – but they may have to wait a bit longerThe retro market has been hard hit in the past couple of years by trapped capital and losses.
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The rate increases were less differentiated than the 1 June Florida rises.
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The reinsurer’s $150mn Atlas IX Capital 2015-1 cat bond has partially triggered following an accumulation of PCS losses, sources said.
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The target size shrank from 2018 after the insurer revised the renewing portfolio, with the Bermuda-listed component dropping by $143mn.
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Reinsurers that have been reliant on retro cover also pared back their market share, as the broker said mid-year renewals showed tangible pricing momentum.
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The retro writer warned earlier this month that it was increasing its loss reserves for the two events.
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ILS funds have been among the top sources of new demand since 2017, the broker said at an Aon United ILS day in London last week.
