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Fee income rises by over two thirds to surpass $19mn for the quarter.
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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 reinsurer said its nat-cat exposure is at the highest level since 2015, with support from third-party capital. -
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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Lancashire earned a $0.1mn profit from its 10 percent stake in the Kinesis funds.
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The insurer said Q2 cat loss levels were favourable even though it has eroded more than half its aggregate deductible.
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The ILS platform’s chief operating officer had helped drive growth to $1.5bn assets under management.
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The carrier reported it will absorb $17mn in gross catastrophe losses from Q2.
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The carrier said the ILS business was finding opportunities in the retro market where reduced capacity has “significantly improved rates”.
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Sean Downes will remain with the business as executive chairman.
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The plan would have “enormous unintended consequences”, the industry association federation says.
