Following the completion of its acquisition of Tokio Millennium Re, RenaissanceRe is rebranding its Zurich and European underwriting operations to be called RenaissanceRe Europe AG.
RenaissanceRe Europe AG will be led by former head of underwriting of Tokio Millennium Re AG in Zurich Andrea Manella, we understand, who will take on the role of Managing Director and Head of Underwriting for RenaissanceRe Europe AG.
The name change, from TMR AG to RenaissanceRe Europe AG is still awaiting approval it seems, but RenRe has begun to market the new European underwriting unit, calling it a ” Zurich-based balance sheet covering property, casualty and specialty business.”
Rated as A+ by both A.M. Best and Standard & Poor’s, the RenaissanceRe Europe AG balance-sheet will be put to work underwriting largely European-focused reinsurance and retrocession.
The business will underwrite regional Excess of Loss, Proportional, Risk XL and Multi-line property business, European Casualty Excess of Loss and Quota Share business, and specialty lines for global and london market clients across marine, aviation, terrorism, energy quota shares and energy retrocession.
Other key people in the RenaissanceRe Europe AG will be Lars Ekholm, a senior underwriter from TMR AG, Tomihiro Segawa, previously head of underwriting control at TMR AG, Philippe Ernst, previously a VP of underwriting at TMR AG, and Thibault de Woillement, an underwriter from TMR AG.
The Zurich operation is additive to RenRe’s overall business, as this was not a region where the company had a significant operation of its own, hence the added European footprint is one area where the reinsurer can realise some of the benefits of the acquisition of TMR very quickly, we’d imagine.
Previously, RenRe’s operations in London, Dublin and Europe were largely focused on property catastrophe risks and some specialty lines, where as the new RenaissanceRe Europe AG has the casualty focus, broader property expertise and brings new areas of specialty lines into focus, as well as the continental European reach.
The new Europe AG operation will provide incremental underwriting revenue to RenRe, helping the reinsurer to deliver on the promise of its acquisition of TMR driving further growth and expansion of its portfolio.