RenaissanceRe
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The executive will stand for election at RenRe’s AGM in May. -
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.
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The market is characterised by rising prices and shrinking deal sizes as investors pick and choose over which bonds to back.
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The transaction across two tranches is offering higher multiples compared to the 2021 Mona Lisa issuance, with pricing on the aggregate layer almost 80% up despite carrying a lower risk level.
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