RenaissanceRe
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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. -
The carrier contributed more than $100mn of the January intakes for its retro-focused Upsilon fund and the Medici cat bond fund.
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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.
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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.
