RenaissanceRe
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The catastrophe fund’s cover shrank by $80mn as it extracted flat pricing from carriers. -
The former Tokio Millennium Re CEO said he believed the timing was right for an electronic marketplace in reinsurance.
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The follow-up investments take its overall ILS allocation to up to $950mn, as it put in place mandates to respond to higher rates.
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Industry leaders have lifted the expected total loss to a new high.
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The growth contrasted with a 2 percent slide in collective assets among the top tier of ILS players.
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The retro-focussed Upsilon fund saw limited growth, while the Medici cat bond fund attracted $107mn in new capital.
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The RenRe CEO also flagged changes to the firm’s purchased and written retro portfolios in mid-year renewals.
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The withdrawal of Catco created retro opportunities for the reinsurer, according to the CEO.
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The reinsurer’s Q2 catastrophe property GWP rose by 37.7 percent year on year.
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A total of $23.3mn is being held across bonds from 2017 and 2018.
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The executive will work alongside head of international catastrophe Andrew Mellor at the Bermuda reinsurer.
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With Nephila’s market share slightly shrinking, RenaissanceRe and Gen Re moved up the Florida leaderboard.
