Reinsurance News
RenRe
RenRe CEO O’Donnell takes control of Ventures as Dutt departs
10th July 2020
Bermuda domiciled reinsurer RenaissanceRe Holdings Ltd. (RenRe) has revealed that Aditya Dutt, Senior Vice President of Ventures, is to leave the company to pursue a new opportunity. As a result of Dutt's departure, RenRe's Chief Executive Officer (CEO), Kevin O'Donnell, will assume responsibility for the firm's third-party reinsurance capital and joint-venture ... Read the full article
RenRe eyes $1bn capital raise to take advantage of significant opportunities
2nd June 2020
Bermuda domiciled reinsurer RenaissanceRe Holdings Ltd. (RenRe) has announced the public offering of 5,500,000 common shares and a concurrent private placement by existing shareholder State Farm, as it looks to raise capital in order to take advantage of current market conditions. Assuming a public offering price of $164.91 per share, the ... Read the full article
RenRe’s casualty & specialty unit reports Q1 underwriting loss on COVID-19
7th May 2020
Bermuda-based insurer and reinsurer RenaissanceRe Holdings Ltd. (RenRe) has fallen to a net loss of $82 million in the first-quarter of 2020, as the ongoing COVID-19 pandemic adversely impacted its net investment result and the performance of its Casualty and Specialty segment. A net loss of $82 million in Q1 2020 ... Read the full article
RenRe has “far exceeded” initial goals of the TMR acquisition: CEO, O’Donnell
8th April 2020
More than a year since RenaissanceRe (RenRe) acquired Tokio Millennium Re (TMR) in a $1.5 billion deal, and the former's President and Chief Executive Officer (CEO), Kevin O'Donnell, feels the company has "far exceeded" its initial targets. It was announced in October 2018 that RenRe had entered into a definitive ... Read the full article
RenRe could pull back in Florida if rates stay low, says CEO
7th February 2020
RenaissanceRe could further reduce its exposure to Florida domestic companies if rate increases do not meet the companies return hurdles this year, according to its President and CEO, Kevin O’Donnell. Speaking in an earnings call alongside the release of RenRe’s Q4 and 2019 results, O’Donnell warned of “substantial structural issues” ... Read the full article
Tokio Marine selling stake in RenRe
7th January 2020
Bermudian reinsurance firm RenaissanceRe (RenRe) has announced that Tokio Marine plans to sell its 3.9% stake in the company, worth about $334 million. The stake will be offloaded via an underwritten public secondary offering of 1,739,071 common shares by Tokio Marine & Nichido Fire Insurance Co., Ltd. These shares formed part of ... Read the full article
RenRe to join Mutual Re from Jan 1st as EMC departs
14th November 2019
Mutual Re, a joint reinsurance association that writes business through intermediaries, has announced that global reinsurer RenaissanceRe (RenRe) will be added to its group of assuming companies, effective January 1st, 2020. From the start of next year, the owners of Mutual Re will be Renaissance Reinsurance U.S. Inc, Church Mutual Insurance ... Read the full article
Market is missing the point on climate change: RenRe CEO O’Donnell
31st October 2019
While a growing body of scientific research suggests that increases in the severity and frequency of catastrophe events are man-made, the re/insurance industry remains focused on the impacts of social inflation and is missing the point on the influence of climate change on catastrophe risk, says the Chief Executive Officer ... Read the full article
Hagibis impact on RenRe’s net income estimated 72% higher than Faxai
30th October 2019
Bermuda-based reinsurer RenaissanceRe (RenRe) has revealed that it expects Typhoon Hagibis to have a net negative impact on its net income of approximately $175 million on its fourth-quarter 2019 results. RenRe today announced its financial results for the third-quarter of 2019, announcing a decline in operating income, year-on-year, primarily as ... Read the full article
There’s a measurable difference in today’s climate, says RenRe’s O’Donnell
11th October 2019
Kevin O’Donnell, the President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe (RenRe), has said that today, observable change in the world's climate is taking place. “There’s a measurable change that is going on, there is a measurable difference in today’s climate compared to previous climate,” said O’Donnell, addressing an ... Read the full article
Rate increases “necessary” but “not sufficient” says RenRe CEO, O’Donnell
25th July 2019
Kevin O'Donnell, the President and Chief Executive Officer (CEO) of Bermudian reinsurer RenaissanceRe (RenRe), believes that "necessary" but insufficient rate increases witnessed in the reinsurance market will be sustainable moving forward. RenRe reported significant growth in the second-quarter of 2019, with its gross premiums underwritten rising by 51%, while at ... Read the full article
RenRe premium up 51%, investment offsets underwriting income dip in Q2
24th July 2019
RenaissanceRe has reported significant growth in the second-quarter of 2019, with its gross premiums underwritten rising by 51% while its investment return helped it to near double net income to almost $368 million for the period. The Bermuda headquartered reinsurance firm took advantage of strong price rises across many areas of ... Read the full article
Matthew Neuber to succeed Aditya Dutt as RenRe’s Corporate Treasurer
11th July 2019
Bermuda domiciled reinsurer RenaissanceRe (RenRe) has announced the promotion of Matthew Neuber to the position of Corporate Treasurer, subject to Bermuda Immigration approval. Neuber has been promoted from his role as Senior Vice President (SVP), Ventures & Corporate Finance, and will now report to Robert Qutub, Chief Financial Officer (CFO). He replaces ... Read the full article
RenRe optimistic as TMR integration moves to execution
15th May 2019
Integration execution takes centre stage following Bermudian reinsurer RenaissanceRe's (RenRe) $1.5 billion takeover of Tokio Millennium Re (TMR), which completed on March 22nd, 2019. Speaking during the firm's Q1 2019 earnings call, RenRe executives discussed its recently completed acquisition of TMR, underlining a shift from planning to execution. "From my perspective, ... Read the full article
RenRe reports a solid first-quarter, underpinned by 72% combined ratio
8th May 2019
Bermuda domiciled reinsurer RenaissanceRe Holdings Ltd. (RenRe) has reported an improved year-on-year net income for the first-quarter of 2019, of $273.3 million, an increase of more than 380%. Operating income also increased for the reinsurer during the first-quarter of 2019, from $122.1 million to $154.4 million. RenRe's annualised return on average ... Read the full article
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