RenaissanceRe
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The reinsurer’s core management fee income was up by 50% year on year to $40.9mn. -
RenaissanceRe won the Manager of the Year title, while Beazley’s cyber cat bond won the non-life transaction of the year.
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The executive will stand for election at RenRe’s AGM in May.
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Reinsurer-owned ILS platforms were challenged to grow fee income in a tough year for nat cat losses and as cat market economics shifted.
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The capital commitments to the vehicle have expired.
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Shea has worked at RenRe for seven years, most recently having served as head of underwriting for credit before the promotion.
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The CEO said the reinsurer expects to post $35mn of fee income a quarter after raising more capital.
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All four of the firm’s key third-party vehicles were profitable in the quarter.
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The headline market drop in AuM belies a more lively growth story for funds operating outside of the ILS major league.
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The world’s largest investment company has assets under management of more than $10tn.
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The firm elevated Justin O'Keefe, Cathal Carr, Fiona Walden and Bryan Dalton to US and Bermuda, Europe, casualty & specialty, and property CUOs, respectively.
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The bond includes two layers protecting against annual aggregate and occurrence losses.
