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The Markel co-CEO also said that “noise” around the performance of new acquisition Nephila will clear up by year end. -
Its new acquisition offset lower revenues from the Markel Catco business, which will take about three years to run off.
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The new vehicle is expected to offer a range of property retrocession products on a collateralised or rated paper basis, or combination of the two.
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The retro-focussed Upsilon fund saw limited growth, while the Medici cat bond fund attracted $107mn in new capital.
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The RenRe CEO also flagged changes to the firm’s purchased and written retro portfolios in mid-year renewals.
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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.
