RenaissanceRe
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The firms said their relationship would see RenRe sourcing capital to provide Beazley with cyber catastrophe reinsurance cover.
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Both tranches of the transaction priced at the bottom of the guidance range.
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Pricing across the deal has slipped 1.5-3.2 percent, according to sources. -
RenaissanceRe CEO Kevin O’Donnell estimated the market took $12bn of losses and brought in $20bn of new capital in 2017.
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In its first public cat bond since 2013, the firm joins peers in seeking aggregate retro cover.
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Retro fundraising hits the wall, with Eklund downing tools on start-up.
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Wildfire recoveries benefitted DaVinci investors and RenRe's retro partners in Q3.
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Sidecar sponsor RenaissanceRe also posted a 40 percent uplift in Q3 fee income.
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The Bermudian reinsurer expects to pay out about $100mn in losses from Faxai and about $55mn for Dorian claims.
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The RenRe CEO also warned that the market must be wary of repeating its errors in estimating Typhoon Jebi losses.
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Former Tokio Millennium Re CEO Tatsuhiko ‘Tats’ Hoshina is now the chief commercial officer at the start-up.
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Trading Risk looks at the dominant themes that the ILS market will be discussing at the 63rd Monte Carlo Reinsurance Rendez-Vous in September.
