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RenRe parks Timicuan sidecar for 2010

28 July 2010

Bermudian reinsurer RenaissanceRe has not renewed its $60mn Timicuan Florida wind sidecar vehicle for 2010, a move which contributed to a $70.4mn year-on-year drop in Q2 catastrophe premium income for the firm.

RenRe reported a steep drop in second-quarter operating results today (28 July). It attributed both the loss of $41.8mn in Q2 2009 gross premiums from Timicuan Re II and deteriorating market conditions to a 12 percent year-on-year drop in managed catastrophe premiums, which fell to $515.6mn for the...

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