RenaissanceRe

The former Tokio Millennium Re executive will help encourage uptake of the firm’s trial launch.

Everest Re and RenaissanceRe have given their support to the initiative.

Increased retro costs mean RenaissanceRe will likely be retaining more risk.

The DaVinci Re result drove net income from $29.9mn in the first quarter of 2018 to $70.2mn at the end of Q1 this year.

New registrations are expected from the ILS market.

The takeover was announced in October last year and all parties now anticipate closing the transaction “as soon as possible”.

Juan Prado was previously a senior vice president at RenaissanceRe Ventures.

Renaissance Re issued $857mn new shares for the vehicle last year, as well as $457mn in the January 2019 renewals.

Both Axis and RenaissanceRe significantly lifted fee income from third-party partners in 2018 as increased volumes and reinstatement income drove more business to be transferred to ILS partners.

Many Bermuda staff have only been offered short-term transition roles.

Kevin O’Donnell, CEO of the Bermuda-based company, said he expected reinsurance rates to rise in later 2019 renewals.

This came as the reinsurer’s DaVinci Re vehicle took heavy wildfire claims in Q4.