Results
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The carrier’s largest loss in H1 arose from the earthquake in Turkey and Syria, resulting in a EUR257mn charge. -
The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.
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The group is looking to grow in Florida and has applied for a November take-out of 75,000 policies from Florida Citizens.
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The reinsurance and ILS unit posted strong net premium growth supported by additional capital from Hiscox Group.
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The Bermuda sidecar was established last year to support property cat underwriting in a hard market.
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The carrier experienced three large claims in Q2 in the property and marine and energy lines of business.
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The reinsurance result was boosted by the group’s acquisition of TransRe last year.
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The company has already seen submissions from MGAs that are potentially looking for a new fronting partner.
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CFO John Dacey said the carrier remains underweight in Florida due to concerns around underlying economics.
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The reinsurer opened its cat bond portfolio to third-party investors last summer.
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The carrier achieved treaty price increases of 21% at 1.7, against increased loss assumptions of 16%.
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The Healthcare of Ontario Pension Plan (HOOPP) allocation to ILS has nearly quadrupled in size since the end of 2019.
