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The aim was to provide proof of concept for the securitised tokens. -
The new SPA will write cyber reinsurance initially and could progress to writing insurance.
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Chuck Scherer will report to Jonathan Reiss, chairman of SRS Bermuda.
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The current year performance marks an uplift compared to a tough 2022, in which Elementum delivered a loss to White Mountains of 4.6%.
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Removing any competitor is a positive for ILS peers in a competitive time for fundraising, but it is not clear how much of a boost this will give RenRe.
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Early private deals have provided far more stability in this year’s renewal than last.
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Details of the placement are being closely guarded, but one source suggested the raise could be in the region of $1bn.
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The manager has gained increments from existing investors and inflows from new ones.
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Earlier this week, Munich Re doubled the target size of its Queen Street 2023 Re DAC cat bond to $200mn, after initially seeking to raise $100mn.
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The firm has posted a combined ratio of 75.4% for 2022.
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Remaining ILS staff will now report into the group’s CFO.
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The reinsurer is now hoping to raise $200mn of Class A principal-at-risk variable-rate notes priced at 800bps.
