RenaissanceRe
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The reinsurer did not provide an updated Covid-19 loss estimate. -
The former RenRe third-party capital chief joins the Bermudian ILS firm.
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RenaissanceRe CEO Kevin O'Donnell will take on responsibility for the firm's Ventures business on an interim basis.
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RenaissanceRe raised $913mn from a new share issuance last week, with joint venture partner State Farm investing a further $75mn.
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The shares change hands at a 0.6 percent premium to the undisturbed price, though more than 5 percent below Tuesday's close.
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The sale of about 5.5 million shares would increase the carrier’s outstanding common stock by 12.5 percent.
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Even as Florida rates improve, the reinsurer said it expects to hold back capacity for net growth and potential new demand.
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Two large ILS managers bucked the trend for alternative retractions, but traditional carriers recorded the fastest expansion.
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CEO Kevin O’Donnell said the firm was relying on cedents who advised of minimal property BI exposure.
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A surge in earned premiums and reserve releases helped profits climb to $108mn in the first quarter.
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Kevin O’Donnell said that several domestic insurers in Florida are now close to exhausting their 2017 treaties.
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The carrier contributed more than $100mn of the January intakes for its retro-focused Upsilon fund and the Medici cat bond fund.
