RenaissanceRe

The company’s third-party assets dropped $178mn during Q3 to $4.2bn.

A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business.

The estimate is driven by $540mn of losses attributable to Hurricane Ian.

Ratings agencies suggest that carriers must do better on controlling volatility – but diverging risk appetites give the lie to the idea that the industry is walking away from risk.

In its Q2 earnings call, CEO Kevin O’Donnell said that the company held its PMLs flat while taking the benefit of increased rate.

The firm’s Medici and Fontana vehicles were hit by foreign exchange losses.

The company’s property segment booked a combined ratio of 57.6%, 13.8 points higher compared to Q2 2021 due to a higher attritional loss ratio.

The hardening rate environment in Florida provided a mid-year opportunity for some, but overall there was little growth.

The segment’s lustre has been dulled by losses and capital trapping.

The hire of the senior Horseshoe executive follows two earlier ones, as Bryce Wojciechowski and Alex Staab joined as analysts.

RenaissanceRe CEO Kevin O’Donnell explained on an earnings call his take on the mid-year renewals and a relatively low impact of the Ukraine war.

Higher interest rates drove investment write-downs that offset a turnaround in underwriting performance after last year’s first quarter was hit by Uri losses.