RenaissanceRe
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The firm said it expects Capital Partners to continue to grow.
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Performance fees soared by 605% to $27.5mn from $3.9mn in Q1 2023.
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Chris Parry said the denominator effect remains a suppressant on ILS inflows after a strong phase of returns.
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The acquiring reinsurer will now run off the business.
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The rise was helped by performance fees at DaVinci.
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The Bermudian said its third-party vehicles were “sufficiently capitalised”.
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Fourth quarter inflows also included $111mn for its retro platform Upsilon
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The Medici cat bond fund experienced the largest growth in AuM.
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The year brought a degree of closure on the loss-hit years of 2017-2021, while the outlook remains changeable for ILS managers.
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Key names taking up senior roles at Validus include Sven Wehmeyer and Pablo Nunez.
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Prior-year cat loss years that are finally shaking out drove fee benefits in Q3.
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The Bermudian firm said it expects the acquisition could drive more growth than the prior forecast of $2.7bn incremental premium.
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The carrier returned $369mn of capital to third-party investors in Q3 from investors in the Upsilon and Vermeer vehicles.
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As of year-end 2022, the fund’s largest ILS allocation was in a RenRe fund.
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The industry’s ability to draw new capital will hinge on the outcome of the Atlantic hurricane season.
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The AuM total hits $12.1bn when including Top Layer Re and RenRe’s own participation.
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The reinsurer said it was monitoring conditions in the property E&S markets, where it has been reducing capacity to grow in property treaty, as rate gains could provide fertile ground for future growth.
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The reinsurer’s ILS vehicles delivered returns of $174.9mn to investors during the quarter, with improved returns from PGGM joint venture Vermeer and the Medici cat bond fund.
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The investment firm’s ILS holdings were worth around $746mn at year-end 2022.
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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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RenRe will be taking control of ILS manager AlphaCat as part of its purchase of Validus Re.
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The takeover will push it up two places to rank as the fifth-largest writer of P&C reinsurance by gross premium.
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AIG will invest a significant amount into Fontana and DaVinci.
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The Bermudian reinsurer launched a public offering of 6,300,000 common shares and anticipates raising around $1.15bn to finance the transaction.
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The deal includes AIG's AlphaCat platform.
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The CEO said the reinsurer has already written some private deals ahead of the June 1 deadline and expects to continue a pivot away from E&S in favour of property cat reinsurance.
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The reinsurer’s core management fee income was up by 50% year on year to $40.9mn.
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RenaissanceRe won the Manager of the Year title, while Beazley’s cyber cat bond won the non-life transaction of the year.
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The executive will stand for election at RenRe’s AGM in May.
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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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The RenRe vehicle, formerly a major retro writer, has been a reduced force this year.
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The reinsurer is ready to “walk away from business” where it feels pricing and terms and conditions are not good enough.
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Some firms have fared better than others in the competition to raise funds during the year.
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The Bermudian reinsurer said both appointments are effective January 1, 2023.
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The reinsurer raised $122mn in Q3, including $100mn for PGGM joint venture Vermeer and $22mn in its cat bond fund.
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The company’s third-party assets dropped $178mn during Q3 to $4.2bn.
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A 3.9-point decline in the casualty and specialty segment offset a 2.5-point deterioration in the company’s property business.
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The estimate is driven by $540mn of losses attributable to Hurricane Ian.