RenaissanceRe
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With mixed results in the reinsurance space, the specialty pivot remains a "show-me" story.
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The initial plan was to renew $2.7bn of the acquired book.
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The Insurance Insider US news team runs you through the earnings results for the day.
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Additional disclosure following the RenRe acquisition reveals results for both carriers for the nine months to 30 September last year.
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Ratings could be lowered by one notch depending on regulatory restrictions on cash flow from Bermuda operating entities to non-operating holding companies, the ratings agency said.
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Other senior executives, including CFO Robert Qutub and general counsel Shannon Bender, received stock awards of $750,000 for their involvement in the Validus Re acquisition.
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The number of staff retained contrasted with more dramatic cuts made after the acquisition of Tokio Millennium and Platinum.
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After moving into the rank of fifth-largest reinsurer, following its acquisition of Validus, RenRe said it would continue to take a leading role in the regional cat space and expected to be more able to trade through market cycles.
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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 Inside P&C news team runs you through the earnings results for the day.
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The deal was announced in late May, with RenRe taking over AIG’s treaty business, including AlphaCat Managers, and all renewal rights to Talbot’s reinsurance treaty unit.
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A 15% tax is in the works, but appears manageable, and with (re)insurance being Bermuda’s largest industry, the territory will take steps to keep companies where they are.
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Differences in reinsurer strategies and risk management lead to differentiation in stock multiples and long-term value creation.
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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 Inside P&C news team runs you through the earnings results for the day.
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Inside P&C’s news team runs you through the key highlights of the week.
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Reinsurers have mostly grown since before the Covid crisis, but the type and timing of growth affects value creation,
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Recent top line growth and improved performance will need to be weighed against historical underperformance at group level, but the opportunity could attract a non-traditional buyer.
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Morgan Stanley and Golman Sachs exercised in full their right to buy 945,000 shares in the company.
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Inside P&C’s news team runs you through the key highlights of the week.
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The review will continue until the deal closes and the agency evaluates “organizational changes and strategic positioning within the new structure”.
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The recent deal is accretive at 18% and will allow RenRe to take further advantage of the hard market.
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The group exited an off-strategy business at an attractive valuation – now it must give a clearer indication of where it is going.
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The carrier intends to use the cash raised as part of its consideration for Validus.
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The deal is not predicted to have a long-term impact on RenRe’s financial leverage, AM Best said.
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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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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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Everest Re’s $1.5bn capital raise could be part of a continued pivot, or an early indicator of a shifting marketplace.
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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 favor of property cat reinsurance.
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Inside P&C’s morning summary of the key stories to get you up to speed fast.
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The segment reported a 13.5-point improvement in its CoR to 56.5%, while maintaining a 14.6% growth in net written premiums.
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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 moves follow RenRe’s positive feedback on January 1 renewals, and UPC selling most of its outstanding policies in Florida to InsurTech Slide.
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The January 1 renewal for 2023 was “one of the most profound” the company has ever had, the CEO said.
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The Bermudian also raised third-party capital of $402.9mn effective January 1, 2023, including $377.2mn in DaVinci and the remaining in Medici.
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The world’s largest investment company has assets under management of more than $10tn.
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