Reinsurance News
RenaissanceRe
RenRe acquiring Validus from AIG for $3bn, to become top-5 P&C reinsurer
23rd May 2023
RenaissanceRe, the Bermuda headquartered re/insurer, is aiming to become a top-5 global property and casualty reinsurer with the acquisition of Validus and all its subsidiaries from global player AIG for around $3 billion. RenaissanceRe (RenRe) is set to raise capital to complete this significant acquisition, with an offering of 6.3 million ... Read the full article
Step change in property reinsurance will be ‘reasonably persistent’, says RenRe CEO
3rd May 2023
The President and Chief Executive Officer (CEO) of Bermuda-based reinsurer RenaissanceRe (RenRe), Kevin O'Donnell, expects the supply demand imbalance in property reinsurance to continue as concerns around climate change and elevated losses from natural disasters persist. Speaking recently during the firm's Q1 2023 earnings call, O'Donnell addressed the current reinsurance market ... Read the full article
RenaissanceRe sees net income rise to $564.1 million in Q1 results
3rd May 2023
RenaissanceRe has reported that Q1 property catastrophe net premiums written grew by $214.7 million or 35.7%, as net income available to common shareholders increased to $564.1 million. RenaissanceRe's gross premiums written stood at $2.79 billion in Q1, while underwriting income jumped to $369,619 million, up from $200,278 million in Q1 of ... Read the full article
RenaissanceRe to add former Munich Re exec Jeworrek as Director
24th March 2023
Bermuda headquartered RenaissanceRe’s Board of Directors has nominated former Munich Re executive Torsten Jeworrek to stand for election as an Independent Director. If elected, he will be appointed to the Investment and Risk Management Committee, and the Investment and Risk Management Committee will consist of Mr. Gray (Chair), Mr. Hennes and ... Read the full article
RGA and RenRe to wind down life & annuity reinsurer Langhorne Re
15th February 2023
Langhorne Re, the global reinsurer targeting large in-force life and annuity blocks launched in 2018 by Reinsurance Group of America (RGA) and RenaissanceRe (RenRe), is being wound down as it failed to complete any deals and its capital commitments expired without renewal, as first reported by our sister publication Artemis. Read the full article
Jan 2023 renewals one of the most profound in RenRe’s history: CEO O’Donnell
2nd February 2023
The structural shift and reset in relationships between insurers and reinsurers at the January 1st, 2023, reinsurance renewals, has created a more stable, long-term equilibrium, and has resulted in one of the most pivotable 1/1 renewals in the history of RenaissanceRe, according to the firm's President and Chief Executive Officer ... Read the full article
RenRe’s underwriting result improves but catastrophes dent 2022 net income
1st February 2023
Bermuda-based RenaissanceRe Holdings Ltd. (RenRe) has reported a rise in net income and underwriting income for the fourth quarter of 2022, although the impact of weather-related large losses pushed the reinsurer to report a net loss of $1.1 billion for the full year 2022. Year-on-year, Q4 underwriting income increased from $276.7 ... Read the full article
RenaissanceRe appoints David Marra and Ross Curtis to new roles
10th November 2022
RenaissanceRe has announced the appointments of David Marra to EVP, Group Chief Underwriting Officer and Chief Executive Officer of Renaissance Reinsurance U.S., and Ross Curtis to EVP, Chief Portfolio Officer, effective January 1, 2023. David Marra is currently the Chief Underwriting Officer for the Casualty & Specialty segment and President of ... Read the full article
Step change in the pricing & structuring of reinsurance is required, says RenRe’s O’Donnell
2nd November 2022
It's important that property catastrophe is the most profitable line within the global property and casualty (P&C) market, but in order for this to happen, "there must be a step change in the pricing and structuring of reinsurance coverage", according to Kevin O'Donnell, President and Chief Executive Officer (CEO) of ... Read the full article
RenRe’s Q3 net loss widens as catastrophes hit underwriting performance
2nd November 2022
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced a net loss of more than $825 million for the third quarter of 2022 as the firm reports a large underwriting loss on the back of catastrophe losses of almost $649 million, mostly driven by Hurricane Ian. The Q3 2022 net loss has widened ... Read the full article
RenRe pegs hurricane Ian loss at $540m, expects Q3 net loss
20th October 2022
Bermuda-based reinsurer RenaissanceRe Holdings Ltd. has announced estimated catastrophe losses of $650 million for the third quarter of 2022, of which the majority, or $540 million relates to hurricane Ian. Alongside Ian, losses from other catastrophe events in the quarter, as well as the aggregated losses associated with these and other ... Read the full article
Arch, RenRe, and SiriusPoint well capitalised, says Fitch
18th August 2022
The re/insurers Arch, RenaissanceRe (RenRe), and SiriusPoint are well capitalised despite varying in financial performance, says a new note from Fitch Ratings. Fitch Ratings said that the combined ratios for RenaissanceRe and SiriusPoint improved in 1H22 following elevated levels over the last several years from heightened catastrophe losses and pandemic claims ... Read the full article
RenRe’s underwriting performance remains strong, but investments drive Q2 loss
26th July 2022
Bermuda-based reinsurer RenaissanceRe Holdings has fallen to a net loss of $325 million in the second quarter of 2022, as the macro financial market environment drove a negative investment result, somewhat offset by a solid underwriting performance in the period. While net investment income rose by more than $26 million to ... Read the full article
RenRe promotes Shannon Lowry Bender to Governance Committee
8th April 2022
Global reinsurer RenaissanceRe (RenRe) has announced that Group General Counsel and Corporate Secretary, Shannon Lowry Bender has been appointed to the company’s Governance Committee. The Governance Committee is the most senior management team at RenRe, and it is responsible for governance and strategy of the company. Shannon joined RenRe in January ... Read the full article
RenRe launches casualty & specialty joint venture
5th April 2022
Bermuda headquartered reinsurance specialist RenaissanceRe, has announced the creation of Fontana Holding L.P. and its subsidiaries - a joint venture dedicated to writing Casualty and Specialty risks. In a press release, it states that Fontana launched with $475 million of capital and targets institutional investors, who contributed $325 million, with the ... Read the full article