RenaissanceRe
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The division had been led by group CEO Kevin O’Donnell on an interim basis following Aditya Dutt’s departure. -
The move follows Fidelis’ decision to hand back $275mn it had raised for a retro vehicle.
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RenRe said it had “ample dry powder” even after fully deploying its $1.1bn 2020 capital raise.
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RenRe boosted its stake in DaVinci to 29% after buying $119mn of shares from third parties.
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The additional $730mn in capital for its Upsilon RFO, DaVinci and Medici funds include $130mn of the company’s own money.
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The reinsurer anticipates a $175mn hit from Covid-19 claims during the quarter.
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The move comes as environmental policies move up the list of investor priorities.
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RenRe thinks the major cat losses of Q3 will cause the property cat market to harden throughout 2021.
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The Bermuda carrier will be an initial investor in Griffin Highline.
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Rising capital costs, not losses, will support reinsurance rate increases, the CEO argued.
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Nephila’s fall in AuM contributed to the trend of specialist firms shrinking, as reinsurer-backed assets were up modestly.
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CEO Kevin O'Donnell also noted that RenRe had dropped one-third of its Florida clients.
